Has EUR/USD Bottomed-Out???
Here I have EUR/USD on the 4Hr Chart!
Now we see Price on EU has made a sort of "Rounded Bottom" making its official LOW @ 1.06660
Now with Price struggling with the Resistance Zone @ ( 1.08441 - 1.08266 ) it is beginning to form what looks to be a Potential CUP & HANDLE PATTERN!!
This pattern after the completion of the "Bowl" is typically followed by the formation of the "Handle". This will be considered a HIGHER LOW which should be followed by Bullish momentum to the Top of the Cup (Resistance Zone) again, then to BREAK and possibly continue HIGHER!!
-The RSI is showing that price is Over-Bought which tells me we could see price needing to make a decline!
-Strengthening the Bullish Bias on this idea is also backed by the fact price is now trading ABOVE the 200 EMA!
*Before we can confirm this is a Cup & Handle Pattern, we must see Price make a retracement from this High to the ( 1.07751 - 1.07647 ) Range for potential BUY positions!
**If Price decides to Break Below our Fib Entry Zone, The potential Cup and Handle Pattern will be INVALIDATED!!
Now we see Price on EU has made a sort of "Rounded Bottom" making its official LOW @ 1.06660
Now with Price struggling with the Resistance Zone @ ( 1.08441 - 1.08266 ) it is beginning to form what looks to be a Potential CUP & HANDLE PATTERN!!
This pattern after the completion of the "Bowl" is typically followed by the formation of the "Handle". This will be considered a HIGHER LOW which should be followed by Bullish momentum to the Top of the Cup (Resistance Zone) again, then to BREAK and possibly continue HIGHER!!
-The RSI is showing that price is Over-Bought which tells me we could see price needing to make a decline!
-Strengthening the Bullish Bias on this idea is also backed by the fact price is now trading ABOVE the 200 EMA!
*Before we can confirm this is a Cup & Handle Pattern, we must see Price make a retracement from this High to the ( 1.07751 - 1.07647 ) Range for potential BUY positions!
**If Price decides to Break Below our Fib Entry Zone, The potential Cup and Handle Pattern will be INVALIDATED!!
Novi_FIbonacci
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