EUR/USD Bearish Shark Pattern
Looks like EUR/USD could turn bullish for a short period over the coming weeks, at least until 1.7560. If price gets gets rejected at 1.7560 then
this is your short signal, targeting 1.1220/10 below at the 1.618 Fibo extension level.
After that, a possible retracement back to the 1.1407/ 1.1423 level,
which is a near perfect Fibo correlation between the 1.272
Fibo extension and 38.2% retracement level.
From there - unless price reverses - it's straight into the still
open GAP territory from March this year.
If the GAP holds, i.e. price reverses at the 78.6% Fibo retracement level, one can expect that the EUR/USD will
race beyond the 1.20 level and make new highs.
If not, then price will drop to the 1.0340 level below, at that level it's a real make or break for the EUR/USD because a close below will almost undoubtedly send this pair to parity.
An interesting final note; in July this year, FX Street.com ran an article stating that Deutsche Bank had reversed it's outlook for the EUR/USD, in which they predicted the pair to close at or above the 1.16 level by the end of 2017 as opposed to their previous forecast of 1.03. Therefore, if price reverses up from the 1.07 level expect a bullish EUR/USD next year.
Article:
fxstreet.com/news/deutsche-bank-ups-eur-usd-forecast-a-sharp-change-201706290240
this is your short signal, targeting 1.1220/10 below at the 1.618 Fibo extension level.
After that, a possible retracement back to the 1.1407/ 1.1423 level,
which is a near perfect Fibo correlation between the 1.272
Fibo extension and 38.2% retracement level.
From there - unless price reverses - it's straight into the still
open GAP territory from March this year.
If the GAP holds, i.e. price reverses at the 78.6% Fibo retracement level, one can expect that the EUR/USD will
race beyond the 1.20 level and make new highs.
If not, then price will drop to the 1.0340 level below, at that level it's a real make or break for the EUR/USD because a close below will almost undoubtedly send this pair to parity.
An interesting final note; in July this year, FX Street.com ran an article stating that Deutsche Bank had reversed it's outlook for the EUR/USD, in which they predicted the pair to close at or above the 1.16 level by the end of 2017 as opposed to their previous forecast of 1.03. Therefore, if price reverses up from the 1.07 level expect a bullish EUR/USD next year.
Article:
fxstreet.com/news/deutsche-bank-ups-eur-usd-forecast-a-sharp-change-201706290240
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