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EUR / USD Potential Bullish Pattern in the works??

Aug 8, 2019 (13:11)

by John Knobel

EUR/USD potential Non-failure Swing Bottom?

A failure swing is a pattern that technical analyst used to enter positions in anticipation of a trend reversal. In other words, a position is taken against the current trend.

Buy signals may occur on breaks above points B & D for potential upside move;
A technical trader who believes that a Non-failure Swing Bottom pattern is developing will wait for price to return lower; in this case near to the 1.1105 support area, before opening new long positions for the 1.1404 potential target;
Another method that a technical trader may apply is to wait for market confirmation of a break above points B or D before entering new longs;
The pattern is deemed incomplete if price fails to hold above point C; a technical trader may then decide to abandon the idea of entering new longs and open new positions in the direction of the prevailing trend.

Source: FXGM / New York Institute of Finance Technical Analysis of the Financial Markets by John J. Murphy

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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