Eur/Usd

May 3, 2018

EU has made a basic W-X-Y structure that measures out fib wise all the way through. This pattern can extend down to the 1.618 extension, but I don't think it will. When I adjust my pitchfork fib lines to best fit support and resistance price is holding. I could see a wick down to that support level at the 1.382 if there is a news spike, but it looks like on the 1hr that it produced a small ending diagonal (expanding triangle) and the 4 hr looks like it made a small flag. But we all know looks can be deceiving right now with the lack of people willing to risk their money in a crazy market. I posted AU, and NU, my long term analysis. It has not changed. If you look at those posts you see the confluence between the dollar pairs. They are way over extended, but it is more about the patterns they are in. I'm looking for EU to work up to that yellow trend line possibly creating a larger combo pattern or flat. But take a look at the chart, this is the daily, and see what price does when it reverses for a large move... Usually takes days to weeks. But the 1-1.236 extension is what you would expect with this pattern.