This Blog post will go over 2 Potential Patterns on the EUR/USD Forex Currency Pair.
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So here goes, take it for what it is.
EURUSD Overall Bias: Still Short, Some Hope for Europe.
The EUR/USD will likely continue to be bearish throughout the rest of the decade. It appears that the EURUSD will drop in value for the next few years. The Euro is currently trending at 1.0642 on November 22, 2015. I believe that by the year 2020 or sooner it will at about .8500 or lower. However, once it reaches that point, it will likely recover and rebuild, this is due to the massive bat pattern forming on the monthly chart. If this bat pattern fails, than I would seriously be worried about the future of Europe, and really the world. If the Bat pattern is invalidatd, then it is likely to continue to become a Crab Pattern which would complete with the EUR/USD at about .4000. A scary thought in terms of the entire international financial community. Luckily I don't believe this is going to be the case. Although it is possible it appears that the bat pattern is the most likely to occur. There is also potential for an ABCD pattern to be forming as well, however that would be completing right now, and the pair still seems very bearish overall.
and on mobile view turn device sideways.
The 2nd potential pattern is an ABCD Pattern, and it is outlined below, this is less likely to occur than the bat, but is still definitely a pattern. Price action has moved close to the PRZ below, this is likely to bring on a slight bullish retracement before continuing down to complete the Bat Pattern. If price action blows out the PRZ below I don't believe it will stop until it hits that bat PRZ around .8500.
It seems far more probable that price action will continue to fall but we will continue to watch this pair closely. For the time being a buy would be a ill advised investment. However over the coming years that may change and offer an excellent buying opportunity but for the time being this is a sellers market. The ABCD pattern is nearing completion and once we get to that point it will determine the most likely future of the pair. Only time will tell.