EURUSD forming a bearish bat formation, look for the reversal! för FX:EURUSD av Tickmill

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EURUSD has started to form a really strong reversal signal at 1.2058 (Fibonacci retracement, bearish bat harmonic formation, swing high resistance, bearish divergence, bearish price action) and all these point towards a potential drop towards 1.2011 intermediate support (38.2% Fibonacci retracement, horizontal pullback support) before 1.1972 major support (61.8% Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is seeing major resistance below 97% and a potential corresponding reaction could occur at this level.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results

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