EURUSD H1 - Possible structure (Short and Long positions)
Bullish 3D pattern is in play and a possible Wolfe structure can be setup.
a) If the price breaks a little bit the resistance channel (point 5) and a bearish divergence emerges, then it could be a good opportunity to go short targeting 61.8-78.6 fibo retracements (as a first target) and Wolfe wave target as second.
b) If channel remains intact, then it could be a good idea to go Long around 61.8-78.6 Fibo retracements.
Keep in mind that the pair is bullish, but the Bearish Bat pattern on D1 chart is complete (see link below) and bearish divergence is present, so the price could go down in short term.
a) If the price breaks a little bit the resistance channel (point 5) and a bearish divergence emerges, then it could be a good opportunity to go short targeting 61.8-78.6 fibo retracements (as a first target) and Wolfe wave target as second.
b) If channel remains intact, then it could be a good idea to go Long around 61.8-78.6 Fibo retracements.
Keep in mind that the pair is bullish, but the Bearish Bat pattern on D1 chart is complete (see link below) and bearish divergence is present, so the price could go down in short term.
Waiting for reversal bar pattern between 1.1241 and 1.1159
If price go below that range, a bullish ABCD on H4 chart can provide another possible entry point between 1.1196 and 1.1085
There are bull divergences on H1 and H4 charts