Open trading account 
Hi,
Looking through my charts this morning I've spotted a very interesting fractal pattern on EUR/USD. If history is to provide us any guide than we can expect the EUR/USD to behave as it did in June (see Figure below blue circle). We can notice that today's price action structure looks very similar and it suggest that we can expect a short lived sell-off followed by a much aggressive secondary sell-off.
We have to keep in mind that fundamentally speaking the driver behind the June sell-off was Brexit, but the market can always surprise us and provide us with a catalyst for a move that is outside it's standard deviation range. What I'm expecting next? Is for EUR/USD to find a temporary high at the 50% retracement of the daily bullish candle which comes near the 1.1200 level, but in order for the setup to be valid we need a daily close below 1.1160 otherwise the sentiment will be shifted and we can see a break of last week high.
Best Regards,
Daytrader21
Looking through my charts this morning I've spotted a very interesting fractal pattern on EUR/USD. If history is to provide us any guide than we can expect the EUR/USD to behave as it did in June (see Figure below blue circle). We can notice that today's price action structure looks very similar and it suggest that we can expect a short lived sell-off followed by a much aggressive secondary sell-off.
Figure 1: EUR/USD Daily Chart
We have to keep in mind that fundamentally speaking the driver behind the June sell-off was Brexit, but the market can always surprise us and provide us with a catalyst for a move that is outside it's standard deviation range. What I'm expecting next? Is for EUR/USD to find a temporary high at the 50% retracement of the daily bullish candle which comes near the 1.1200 level, but in order for the setup to be valid we need a daily close below 1.1160 otherwise the sentiment will be shifted and we can see a break of last week high.
Best Regards,
Daytrader21
