🚨 EUR/USD Update
🗓️ Date: 12 February, 2024
⏰ Timeframe: H4
💡 Given in the chart –
♦️ Black color (trendline) = 1.0830-50
♦️ Green color (fib level) = 1.0809-30
The overall trend of the currency pair is down. You can see the position of a trendline on the chart. As long as the price remains below this trendline, the downtrend will continue.
Potential retracement levels are identified using price swing highs and lows. Where price positions are below the Fib-retracement levels of 50% and 61%. Now the question is where can the entry position be taken?
✅ Since the overall trend is down, we will also look for a new Sell entry position. Entries in buy positions cannot be accepted now.
✅ The price is now near the Fib 50% retracement level. Looking for positions to accept Sell entries based on organized price-action in relatively short timeframes.
✅ Please wait. If the candle provides re-action near the Fib level, then we will consider taking an entry. As the market has just opened today, we expect the movement to pick up somewhat by afternoon. Then positions can be taken.
Feedback - 👍/👎
Good Luck!
🗓️ Date: 12 February, 2024
⏰ Timeframe: H4
💡 Given in the chart –
♦️ Black color (trendline) = 1.0830-50
♦️ Green color (fib level) = 1.0809-30
The overall trend of the currency pair is down. You can see the position of a trendline on the chart. As long as the price remains below this trendline, the downtrend will continue.
Potential retracement levels are identified using price swing highs and lows. Where price positions are below the Fib-retracement levels of 50% and 61%. Now the question is where can the entry position be taken?
✅ Since the overall trend is down, we will also look for a new Sell entry position. Entries in buy positions cannot be accepted now.
✅ The price is now near the Fib 50% retracement level. Looking for positions to accept Sell entries based on organized price-action in relatively short timeframes.
✅ Please wait. If the candle provides re-action near the Fib level, then we will consider taking an entry. As the market has just opened today, we expect the movement to pick up somewhat by afternoon. Then positions can be taken.
Feedback - 👍/👎
Good Luck!
