EURUSD Long: Gartley, Trendline, and 200 Moving Average

Jan 10, 2020

On EURUSD 4-hour timeframe, we have triple indications of imminent reversal: it hit the trend line, completed a harmonic pattern at 1.11040 (78.6 X-A fibo retracement), and went into build-up period right after bouncing off the 200 Moving Average represented in purple. Why purple? Idk, just love the color I guess... but anyway, that should indicates higher timeframe trend continuation regardless of the color. Inversely, if you look at DXY (Dollar index) chart, it also shows a sign of reversal as it approaches the upper trend line. The R:R ratio should be 2.78 if you enter right at the completion of harmonic pattern (1.11040), although it'd be better to wait for confirmation first. Oh, and... do not forget to put some breathing room when placing your SL. Cheers!

Jan 11, 2020

Trade active

Price broke above 1.11187 with a strong close. We now have a clear structure and/or level of support on 4H, and most importantly, a clear direction.