Will the bullish pattern in the euro remain intact or not? My guess is that quite a few traders keep their eye on the euro. My only concern is that by the time this commentary gets posted, the decision might already be made since this is a 24-hour market. Either way, I hope this information helps! (Actually I will post the chart on CC in advance, just in case.)
I'm watching a 240-minute chart in this market. You can see some beautiful symmetry on this chart. By "symmetry" I mean similarity or equality of swings in the same direction. If it can hold above symmetry support projections, then the euro should continue to move higher. If the same key support I am defining on this chart is violated instead, then I would back off the buy side instead.
There are two standout zones of support you can see on this chart. The first one comes in at the 12896-12912 area. The second comes in at 12871-12878. Both of these zones include the 100% projections of the prior swings down that I have labeled on the chart.
Right now, you can see two swings here that are very similar on this chart. The most recent decline is of 97 pips in four trading bars vs. the decline of 96 pips in three trading bars. If the price can hold above this recent low, the upside target for the euro will come in at 13035. If it tests the lower support decision instead, a new target will be calculated if that low holds by running the 1.272 extension of that swing. If it takes out both of those support zones instead, then I am wrong about this "buy side" trade and will move on to the next setup.
One of the most important lessons about symmetry is that if it remains intact, then a trend is likely to continue. If symmetry is violated instead, it warns of a trend reversal instead! Let's see what the euro does around this key decision and trade accordingly.
