Fibonacci levels are laid out from the most recent swing low of the previous move to the upside to the swing high. From where the swing high is located we can see this market moved to the downside and reached the 61.8% Fibonacci level to then reverse and continue a trend to the upside. Price then retraced back towards the 61.8% level and again bounced off this...
Price is currently moving in the upside direction towards the 61.8% Fibonacci level, and is in an area of resistance.
Within the parallel channel in recent time, we can see that price had bounced from the swing low and NEARLY hit the 61.8% level but didn't quite reach before reversing back into the downtrend. Now we are in the pullback, back towards the 61.8%...
This is tweeter short term long bias.
Price have reached to the previous weekly strong demand and that is not easy to break. It takes some time. Hopefully market may show us some pullbacks. So good time for catching small demand rooms to earn some pips.
Enjoy the weekend.
From what we can deduce here in this chart and it's patterns that it has displayed over past three months, we can expect a continued decline from it's 342 touch just days ago to the 259 level before beginning another uptrend. This decline will take course over the next four days and on the 30th of October, we will see our best entries for the upcoming month of...
So end of this week has found that EURAUD bouncing of the hugely over bought 80 mark line for the RSI which means we will be imminently be reversing and heading back down. Looking forward to profiting on this one!
So since Entering a SELL almost 2days ago we hit TP1 and now securing position 2 by bringing our Stop Loss into Stop Profit. this is now a risk free trade and we estimate only half way there. Either way...PROFIT HAS BEEN MADE AND ANYMORE IS A BONUS!
Technicals ( Bearish ) - Price has just tested resistance zone and showing signs of bearish momentum , the divergence provides confluence. Market is a strong down trend aswell, expecting a breakout of the 8660 area
Fundamentals ( Bearish ) - European Central Bank (ECB) signal more quantitative easing, however it is unsure whether this will be effective reducing...
Technicals (Bearish) - Price has just tested resistance zone and showing signs of bearish momentum, the divergence provides confluence.
Fundamentals (Bearish) - Increasing speculation around USD rate hike provides more bearish momentum for the pair.