@pants, Look at the big picture: The market has setup an inverted H&S-pattern.
2) The 'Bullish-bat-ish pattern
3) The market to complete another harmonic-ish pattern at the TP-levels:
4) USDCHF which has almost an 100% negative-correlation with EURUSD being pressured down:
Now, all these confluences together make me think that EURUSD is going up.
Ps. i love unicorns <3
Alireza_ITS
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@artm92a, Ps. I know that the patterns are not entirely made according to ‘the book’, but the structure is an indication for me
pants
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@artm92a, you're calling the completion of the inverted H&S before the right shoulder is done forming. The patterns... maybe. I don't see how patterns could override interest rate hikes and the expectation of increased deficit spending. USDCHF can't compare with EURUSD in terms of volume. Any correlation is driven by USD. News out of the U.S. will drive the next trend.