The 30-minute chart for EUR/USD reveals a promising short setup as the pair reaches the peak of a five-wave Elliott Wave sequence. The completion of wave (5) suggests that a corrective phase is likely to unfold, presenting potential shorting opportunities.
Key Fibonacci Retracement Levels to Monitor:
0.116 Retracement: 1.10309
0.382 Retracement: 1.09859
0.5 Retracement: 1.09659
0.618 Retracement: 1.09459
These Fibonacci levels indicate potential support zones where the price may reverse or consolidate. The 0.382 and 0.5 levels are particularly critical, often serving as significant areas for price action reaction.
This setup offers a strategic opportunity to enter short positions with defined targets, allowing for careful risk management. Traders should watch closely for how the price interacts with these levels to determine the best entry and exit points.
Key Fibonacci Retracement Levels to Monitor:
0.116 Retracement: 1.10309
0.382 Retracement: 1.09859
0.5 Retracement: 1.09659
0.618 Retracement: 1.09459
These Fibonacci levels indicate potential support zones where the price may reverse or consolidate. The 0.382 and 0.5 levels are particularly critical, often serving as significant areas for price action reaction.
This setup offers a strategic opportunity to enter short positions with defined targets, allowing for careful risk management. Traders should watch closely for how the price interacts with these levels to determine the best entry and exit points.
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.
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.