Hi Friends,
In my last week analysis, I talked about EURUSD trying to find a strong support at 1.08900 (which is a 50% Fib. Retracement level of a prev. bullish trend from 1.0635 to 1.11477).
However, the market had another idea and went down to: 1.08300 as a strong support to lean on (which is a 61.8% Fib. Retracement level).
So, in my opinion this zone between 1.08900 - 1.08300 is a critical border area, above will be definitely more bullish, below will be more bearish.
All we have to do is:
- Wait for a 4H canlde to close above / below this area.
- Check and define any price pattern / candlestick patter on a lower time-frame (1H / 4H)
The Monthly Chart:
We can clearly define:
1- A very important ascending trend-line comes to a play at 1.0814 level which is very close to the 61.8% Fib. Retracement level, that mentioned above (17 pips below).
2- At the same level: 1.0814, also comes a monthly 78.6% Fib Retracement level that measures a grand bullish trend that was established from 1.0340 up to 1.2555.
This level is very important that we need to keep an eye on.
--------------------
- Energize your mind.
- Plan your trade & trade your plan.
- Do not trade the money you cannot afford to lose.
- Your "Like" & "Comment" are very appreciated.
--------------------
- Please, you may not consider this trading analysis as an investment advice.
In my last week analysis, I talked about EURUSD trying to find a strong support at 1.08900 (which is a 50% Fib. Retracement level of a prev. bullish trend from 1.0635 to 1.11477).
However, the market had another idea and went down to: 1.08300 as a strong support to lean on (which is a 61.8% Fib. Retracement level).
So, in my opinion this zone between 1.08900 - 1.08300 is a critical border area, above will be definitely more bullish, below will be more bearish.
All we have to do is:
- Wait for a 4H canlde to close above / below this area.
- Check and define any price pattern / candlestick patter on a lower time-frame (1H / 4H)
The Monthly Chart:
We can clearly define:
1- A very important ascending trend-line comes to a play at 1.0814 level which is very close to the 61.8% Fib. Retracement level, that mentioned above (17 pips below).
2- At the same level: 1.0814, also comes a monthly 78.6% Fib Retracement level that measures a grand bullish trend that was established from 1.0340 up to 1.2555.
This level is very important that we need to keep an eye on.
--------------------
- Energize your mind.
- Plan your trade & trade your plan.
- Do not trade the money you cannot afford to lose.
- Your "Like" & "Comment" are very appreciated.
--------------------
- Please, you may not consider this trading analysis as an investment advice.