EURUSD: Harmonic Pattern at 2-Week Demand Zone

EURUSD has retraced for the past 2 weeks and is currently in the midst of completing the second wave of retracement.As seen in the chart, a harmonic pattern is formed and support can be seen at the demand zone of 1.1100 to 1.1080.The price has started to consolidate since it found support at 1.1100 but the bulls are currently nowhere to be seen and price may continue to consolidate to the lower part of the demand zone.Traders can consider to enter a smaller position at the current low of 1.1092 and wait for a rebound that breaks above the consolidating structure before adding more positions.Stop loss is recommended to set below 1.1065 and point of exit would be 1.1153, 1.1197 and 1.1275.

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