The EUR/USD has formed the IP Retracement Pattern 1 and if the market rejects from 9 % fib we could see a move up.
IP1 is formed when the market hits 23.6% fib and then rejects to 9%, with the target being at 50.0% fib. There are a total of four IP retracement patterns. This is the IP1 and we could expect a bounce if the market holds above D L3 – 1.1641. The target is 1.1743. However a break below implies continuation down towards 1.1611.
The Analysis has been done with the Black Widow system.