I am not a bull of the EURUSD pair at all, but I can’t deny the setup here for taking a speculative long condition. 1. The red vertical line is the 6/8th harmonic time pivot – when an instrument is experiencing a fast rapid move higher or lower and then gets close to this time pivot, we often see swift reversals in the direction of the move. 2. Bullish divergence between the RSI and CI. 3. The orange horizontal line is the 1/8th inner harmonic support level, a natural area to see short term rejection lower. 4. A full moon occurs on the 9th/10th of February. For whatever reason, the EURUSD often finds market lows on a Full Moon and has a higher probability of experiencing higher traded prices after the Full Moon shows up. Again, no idea why that is but it just is. 5. Bullish Bat pattern complete.
The combination of these various time cycles and price levels yield strong indications that the downside pressure here should be rejected. My first target is the 2/8th inner harmonic pivot at 1.1023 to 1.1033. This setup does not indicate that a broader long term uptrend is about to begin, just a high probability of a steep pullback.
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Forgot to add: The week of February 2nd (current week) will bring the current weekly candlestick into a 49-day cycle known as Gann's Death Zone. This cycle by itself is a very powerful reversal indicator. It occurs just a few days after the 6/8th time pivot.
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Adding to any position where the daily moves slightly lower to tag the 1.0820 - 1.0840 value area - this would complete a Bullish Shark Pattern and should represent the lower value area for a long setup.
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Added to longs at 1.0838.
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Added at 1.0793. Major extremes found on Monthly, Weekly, and Daily - we're into Bullish Crab territory now right on the 49th trade day. Looking for a small dip lower to close the 3-year gap with some heavy longs if we get to 1.0777.
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Nice bounce today off of the 2/8th Major Harmonic and within the range of the 6/8th time pivot and death zone cycle. Positions at 1.0777, 1.0793, 1.0838 and 1.0917 still held.
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Should see a nice drive higher here after the Tuesday close. Still holding all positions from 1.0777, 1.0793, 1.0838, and 1.0917.
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First target at 1.1023 hit all in profit, sold positions from 1.0777, 1.0793 and 1.0838.
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Took profit at the 1.1120 level, one lot remaining open with a 50 pip trail.