EURUSD | Strong Support Area!
Updated
Hi,
EURUSD has started to approach an important area. The strongest support level just below the current price. If you are already on the "Short" side then this could be the area where you want to take out your profits but if you consider short-term buying EURUSD then there could be your chance.
Why this is an important area?
Because:
1. There is a historical trendline since 2017 November. It has worked three times as support and probably the fourth touch is not an exception. The following criteria make this area even stronger.
2. There are two Fibonacci Extension 127% levels
3. There are two AB=CD patterns. Both patterns D point is exactly inside the blue box.
4. There is the round number 1.1000
5. The blue short-term minor trendline "runs" through the marked bounce area which should work as a support.
6. Wait for a bullish candlestick pattern on the 4H timeframe from the marked blue box.
7. Since 2018 August, we have also RSI DIvergence on the Weekly. It is just a little confirmation/sign.
Markets are a bit risky but the area is capable to produce some short-term bounce.
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
EURUSD has started to approach an important area. The strongest support level just below the current price. If you are already on the "Short" side then this could be the area where you want to take out your profits but if you consider short-term buying EURUSD then there could be your chance.
Why this is an important area?
Because:
1. There is a historical trendline since 2017 November. It has worked three times as support and probably the fourth touch is not an exception. The following criteria make this area even stronger.
2. There are two Fibonacci Extension 127% levels
3. There are two AB=CD patterns. Both patterns D point is exactly inside the blue box.
4. There is the round number 1.1000
5. The blue short-term minor trendline "runs" through the marked bounce area which should work as a support.
6. Wait for a bullish candlestick pattern on the 4H timeframe from the marked blue box.
7. Since 2018 August, we have also RSI DIvergence on the Weekly. It is just a little confirmation/sign.
Markets are a bit risky but the area is capable to produce some short-term bounce.
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
Note
Powerful bounce from the marked area!
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