UPDATE: EURUSD Bearish Shark Trade TP1 & TP2 HIt (+264 pips)

30 Tem 2015

The bearish shark that completed a couple of days ago (see Related Ideas: "EURUSD: A Completed Shark Pattern + Explanation") has hit both TP1 and TP2 targets for a nice combined +264 pips. There is still a TP3 target available but personally, I do not think it will hit. Why? See my last post on this pair that shows a STRONG reversal area that is looming just above what would be the TP3 (61.8%) target (see Related Ideas section "UPDATE #1: EURUSD: Another Bullish Shark Is Waiting + Bull Bat").

Also, with the TP2 target hit, the Bullish 5-0 pattern is also complete so we may see prices go down a little bit more and then I will expect to see prices start moving back up maybe after some consolidation.