Potential Bullish Gartley setting up on Daily EURUSD chart
The outside return of the EURUSD has been stalling at 1.3514 level, which co-inside with the 38.2% Fibonacci retracement of the AB leg. We have significant structure around the 1.3514 level with the level forming numerous Support/Resistance points.
I think price action is going to reverse around the 1.3514 level and then move lower towards the PRZ at the 1.3250 level. If we see this move into the Price Reversal Zone, which means the Gartley Pattern completed. I expect to see a bullish reversal for at least PT1.
Since the potential Gartley that is setting up, is Bullish, and the trend is predominant Bearish. I don't expect to see a major rally to the upside. I would not look for extended targets on this trade and would be very happy to take the remainder of my position at PT2 (if we reach that level).
I think price action is going to reverse around the 1.3514 level and then move lower towards the PRZ at the 1.3250 level. If we see this move into the Price Reversal Zone, which means the Gartley Pattern completed. I expect to see a bullish reversal for at least PT1.
Since the potential Gartley that is setting up, is Bullish, and the trend is predominant Bearish. I don't expect to see a major rally to the upside. I would not look for extended targets on this trade and would be very happy to take the remainder of my position at PT2 (if we reach that level).