EURUSD_Strong Technical Analysis_Fibonacci Retracements_Long!
Updated
Technical Analysis of EUR/USD with Fibonacci retracement indicators.
Large time-frames (Monthly Weekly) are showing an uptrend that is still intact. The latest counter trend move down (Oct-Nov) has been a classic retest of old resistance now becoming support which indicates a strong possibility of bullish trend continuation. The classic retest level of 1.16000-1.15000, which held price below for 2015, 2016 and half of 2017.
Daily chart on the left. Higher time-frame perspective displays a test of the .50% level with solid signs of rejection.
Our purple Fibonacci retracement is drawn from 2017's highest high (Point A); To our last noticeable pivot point, on 6/20/17, with a low of 1.11190. These levels hold the most weight moving forward. I have projected the levels as purple dotted lines on lower time-frames.
The 8 hour chart on the right shows the lower time-frame Fibonacci retracement (Orange) is running from the highest high (Point A) 09/08/2017 at 1.20930. To the lowest point of the retracement 1.5536 (Point B) on 11/07/2017.
Particular levels of interest lie between the larger TF fib .235 -.382 levels. Price has ranged within this zone since October.
Long-term my bias will be long EURUSD in the coming months. Long side bias will remain in effect until price closes below the lowest point of retracement (Point B). Otherwise I expect price to move higher, breaching the highest high of 1.20930 (Point A)
Short term shows signs of rejection around 1.17200 and 1.16100 (.5 and .382 purple fib) should be considered for long entries. Any close above 1.18650 (.235 purple level) should be eyed for breakout trades to the upside.
Be cautious around the zone of resistance between 1.18650 and 1.18850. And the strong support zone from 1.17200 to 17600. Ranging trades can be considered between the two zones with valid signs of rejection.
With EURUSD trading higher, Expect XXX/USD currencies to trade higher. USD/XXX to trade lower.
Like/Comment/Follow TElphee! – Self-made Technical Analyst. 5-year market enthusiast with experience in Forex, Futures and Cryptocurrencies. Trading View is my trading journal. I’m posting a series of live trades and documenting them in real time. Find TElphee on LinkedIn/Twitter/Trading View
Disclaimer: Oanda data shown. This is NOT investment advice.
Large time-frames (Monthly Weekly) are showing an uptrend that is still intact. The latest counter trend move down (Oct-Nov) has been a classic retest of old resistance now becoming support which indicates a strong possibility of bullish trend continuation. The classic retest level of 1.16000-1.15000, which held price below for 2015, 2016 and half of 2017.
Daily chart on the left. Higher time-frame perspective displays a test of the .50% level with solid signs of rejection.
Our purple Fibonacci retracement is drawn from 2017's highest high (Point A); To our last noticeable pivot point, on 6/20/17, with a low of 1.11190. These levels hold the most weight moving forward. I have projected the levels as purple dotted lines on lower time-frames.
The 8 hour chart on the right shows the lower time-frame Fibonacci retracement (Orange) is running from the highest high (Point A) 09/08/2017 at 1.20930. To the lowest point of the retracement 1.5536 (Point B) on 11/07/2017.
Particular levels of interest lie between the larger TF fib .235 -.382 levels. Price has ranged within this zone since October.
Long-term my bias will be long EURUSD in the coming months. Long side bias will remain in effect until price closes below the lowest point of retracement (Point B). Otherwise I expect price to move higher, breaching the highest high of 1.20930 (Point A)
Short term shows signs of rejection around 1.17200 and 1.16100 (.5 and .382 purple fib) should be considered for long entries. Any close above 1.18650 (.235 purple level) should be eyed for breakout trades to the upside.
Be cautious around the zone of resistance between 1.18650 and 1.18850. And the strong support zone from 1.17200 to 17600. Ranging trades can be considered between the two zones with valid signs of rejection.
With EURUSD trading higher, Expect XXX/USD currencies to trade higher. USD/XXX to trade lower.
Like/Comment/Follow TElphee! – Self-made Technical Analyst. 5-year market enthusiast with experience in Forex, Futures and Cryptocurrencies. Trading View is my trading journal. I’m posting a series of live trades and documenting them in real time. Find TElphee on LinkedIn/Twitter/Trading View
Disclaimer: Oanda data shown. This is NOT investment advice.
Note
Note
Head and shoulders pattern on the DXY. Note
1/26/2018
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