Bearish Gartley Pattern Spotted in EUR/JPY – Swing Trade Plan! by FX Leaders

Bearish Gartley Pattern Spotted in EUR/JPY – Swing Trade Plan!

Posted Tuesday, November 6, 2018 by
Arslan Butt • 1 min read

The investors seem to be a bit shy amid US Elections, FOMC and Fed Fund rate ahead. The market behavior is pretty obvious, but we can trade the cross pairs which are rarely influenced by the US dollar. Buckle up for a swing trade in EUR/JPY…

EUR/JPY – Trading The Bearish Gartley Pattern

While doing analysis, we spotted a bearish Gartley pattern in EUR/JPY which can offer us a good long-term entry. Take a look at the 4 – hour chart below, the EUR/JPY has completed A to B wave at 128.600 before jumping towards C to D wave of 127.600 to 129.400.

Support Resistance
129 129.3
128.89 129.5
128.59 129.8
Key Trading Level: 129.2

Perhaps, we can take a sell position below 129.200 to target 128.700. While the buying can be seen at 128.650 today.

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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