When a pair move in an order of fibonacci retracement and extension perfectly, we can map out the path nicely.
The past ABCD was a perfect move , impulse followed by retracement to 50% then extension 1.618 achieved.
The next bullish movement is already in play , you can see my ABCD projection where price drop whenever it reached 1.618 extension , it touch 50% retracement and started moving up.
This is for me no coincident but a precision in play, I would assume that market at least reach the fresh supply level marked in red.
The past ABCD was a perfect move , impulse followed by retracement to 50% then extension 1.618 achieved.
The next bullish movement is already in play , you can see my ABCD projection where price drop whenever it reached 1.618 extension , it touch 50% retracement and started moving up.
This is for me no coincident but a precision in play, I would assume that market at least reach the fresh supply level marked in red.
Note
Price hanging around EMA, waiting for momentum candle bearish or bullish to guide direction
Trade closed manually
Note
still holding the bullish bias as eur seems outperforming all currencyI would expect next set up to be something like this
Note
set up for another buy
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.