1-Hour Chart:
The expanding pattern is very easy to see on this time frame. Even though we are anticipating price to continue lower to the previous low at around 1.0640, we cannot ignore the possibility of price reacting to the previous low in the pattern at around 1.0727.
If price rejects off this level and forms a small bull flag, that can be a great signal from the market that it is starting the move to the upside. If this happens, there will be many entry opportunities on the way up.
EURUSD
www.thepipbull.com
The expanding pattern is very easy to see on this time frame. Even though we are anticipating price to continue lower to the previous low at around 1.0640, we cannot ignore the possibility of price reacting to the previous low in the pattern at around 1.0727.
If price rejects off this level and forms a small bull flag, that can be a great signal from the market that it is starting the move to the upside. If this happens, there will be many entry opportunities on the way up.
EURUSD
www.thepipbull.com