Dan Tapiero, co-founder of Gold Bullion International, said there is a cup (C&H) bullish pattern on the EUR / USD chart.
The C&H pattern is often treated as a bullish graphic formation that looks like a soft u shape, as the name suggests. After a particular asset has endured a downtrend and regained its previous high level, sellers take this step to lower the price. However, after that, its price will continue to move forward (if the base is not V-shaped).
Dan Tapiero expressed that this is a bullish for both Bitcoin and gold.
OH BOY!..textbook cup and handle pattern for the USD vs EURO.
Looking like big USD downmove coming.
Will surprise many market players over next few months as first target is 10% lower for usd.
Break of 1.16 goes to 1.25 pronto.
— Dan Tapiero (@DTAPCAP) June 23, 2020
EUR / USD parity continues to progress after IHS Markit’s PMI data show signs of economic recovery. On June 23, the STOXX Europe 600 index closed by 1.3 percent.
Recently, JPMorgan predicted that the price of US stocks could pick up 47 percent. Tapiero estimates that ‘a little bit of money’ can flow into Bitcoin and gold.