EUR-USD Finding Support at Fib 50.0 Level
Here is another pair that is waiting for more buyers to get on board. The down trend on DXY is still firm which means we should be looking to BUY the EUR-USD. The chart shows this cross is finding support at the Fib 50.0 level. It has pounded this zone four times, giving us two Double Bottoms, an indication the main move to the upside may not be that far away. But for now, we have to WAIT because this is the name of the game. WAITING. In order that we are not left out when the main move take hold, we have to wait for a clear candle above our counter trend line (CTL) and buy that. Our provisional STOP will be anywhere in the area below Fib 38.2 on the chart. Once we get our entry candle, then we can adjust the provisional STOP to the lower of the U turn that crosses the CTL. Our first profit TARGET will be Fib 138.2. So lets WAIT traders. I hope this little helps. Thank you.
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