olly48

EUR/USD Breakout Above Resistance

Long
FOREXCOM:EURUSD   Euro / U.S. Dollar
This has broken resistance and hit TP on my trade from previous post on this pair. Now I want to see this retrace back to this resistance level and see this act as the new support, then a long can be taken if we see this rebound higher from here. Anywhere between 0.382 and 0.618 Fibonacci shown on the chart is a good buy in level.

Target is the previous high of 1.23496 although there is a big resistance level above this so it can climb higher and is likely to rebound from this resistance. It is a very significant resistance level so price may hover and retrace up and down around there for some time.

Comments

It's been a crazy down day this afternoon, do you think it will be back to up trend?
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olly48 Precious-Popo
@Precious-Popo, its back at support now. If it does not hold above then it will probably drop further.
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Mery_Khyalaat Precious-Popo
@olly48 what you think it will drop down more than 1.21000
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olly48 Mery_Khyalaat
@Mery_Khyalaat, its not looking good at the moment. It has broken back beneath the support, until it goes back above and holds the support then yes it looks like it may drop lower.
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