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    EUR/USD: incomplete a-b-c pattern unfolding lower

       
    The pair rose up and broke above the trend-line for a move down and then peaked.

    In the last four hours it has fallen rapidly, moving down more than 70 points and painting a long red bearish candlestick on charts. This pattern is called a key reversal and indicates a probable reversal of the trend. Although this key reversal has come after only a short rally, it still probably indicates the start of a longer bear move lower.

    We can also see an incomplete a-b-c correction, with leg C still to unfold. If the pair moves below 1.1030 it will probably continue down in a C leg towards key support at the 61.8% fib retracement of the previous rally at just under 1.10000.
    EURUSD09b

       
    The pair rose up and broke above the trend-line for a move down and then peaked.

    In the last four hours it has fallen rapidly, moving down more than 70 points and painting a long red bearish candlestick on charts. This pattern is called a key reversal and indicates a probable reversal of the trend. Although this key reversal has come after only a short rally, it still probably indicates the start of a longer bear move lower.

    We can also see an incomplete a-b-c correction, with leg C still to unfold. If the pair moves below 1.1030 it will probably continue down in a C leg towards key support at the 61.8% fib retracement of the previous rally at just under 1.10000.
    EURUSD09b


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