On the EUR.USD 4hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 1.0759 & 1.0870
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 1.0400
Stop loss would be placed above X leg structure resistance .
Target 1 - 1.0597
Target 2 - 1.0500
The price reversal zone on this pair is between 1.0759 & 1.0870
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 1.0400
Stop loss would be placed above X leg structure resistance .
Target 1 - 1.0597
Target 2 - 1.0500
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A break of 1.0650 should confirm a test of the D leg.
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Price now approaching the D leg completion, potential short opportunity in the coming days.
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This setup is still valid and something to consider into early next week.
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Price now approaching the D leg completion, potential short opportunity in the coming days.
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14 days later price has now completed at the D leg.