EURUSD WEEKLY ANALYSIS
Await WEEKLY HIGH to be made, I think this will be around the 1.1500 MONTHLY RESISTANCE
This will then allow a Fibonacci Retracement to be drawn from the Weekly High to the Weekly Low (1.0775)
We will then have our Retracement Area. If the high is made at 1.1500, the Retracement Area will be between 1.1222 and 1.1050.
I will be looking for a rejection from the Retracement Area, to allow for a Long Trade up to Target 1 (1.1700), Target 2 (1.1950), and finally the Monthly Resistance 2 (1.2128)
Stop Loss would be placed around 1.1000 level or slightly below.
TRADE EXAMPLE:
Entry: 1.1250
Stop Loss: 1.1050
Target 1: 1.1700 Risk:Reward ratio = 1:2.25 Risk: 200pips Profit: 450pips
Target 2: 1.1950 Risk:Reward ratio = 1:3.50 Risk: 200pips Profit: 700pips
Target 3: 1.2128 Risk:Reward ratio = 1:4.39 Risk: 200pips Profit: 878pips
You could also Short this pair from the Weekly High into the Retracement Area for around 400 pips.
This will then allow a Fibonacci Retracement to be drawn from the Weekly High to the Weekly Low (1.0775)
We will then have our Retracement Area. If the high is made at 1.1500, the Retracement Area will be between 1.1222 and 1.1050.
I will be looking for a rejection from the Retracement Area, to allow for a Long Trade up to Target 1 (1.1700), Target 2 (1.1950), and finally the Monthly Resistance 2 (1.2128)
Stop Loss would be placed around 1.1000 level or slightly below.
TRADE EXAMPLE:
Entry: 1.1250
Stop Loss: 1.1050
Target 1: 1.1700 Risk:Reward ratio = 1:2.25 Risk: 200pips Profit: 450pips
Target 2: 1.1950 Risk:Reward ratio = 1:3.50 Risk: 200pips Profit: 700pips
Target 3: 1.2128 Risk:Reward ratio = 1:4.39 Risk: 200pips Profit: 878pips
You could also Short this pair from the Weekly High into the Retracement Area for around 400 pips.
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