its as simple as this if the 61.8 fib is held which is a retest of trend-line also (2 confluence's) expect strong upside movement to the -0.27 fib
if the trend-line is broken expect price to find support at one of my keep level
As seen I've identified Supply and Demand Zones for EURUSD
This week I'm expecting price to find resistance at one of the two
supply zones identified on the H4 before bullish price movement.
If these zones are not reached as price could reverse and fall early I will wait till it has fell back into my
Its key when using institutional Supply and...
market structure + trend-lines + fib levels = Simple Analysis
First target (149.200) is important level as its a level where price hasn't been able to break on the Daily Timeframe.
I was able to identify trend on the daily timeframe (uptrend) and would use H4 or H1 timeframe for entries.
Would look for retracements at fib levels or previous high/lows, this case...
NZDCHF (H4): On the H4 TF price formed a Bearish Head & Shoulder’s pattern, this resulted in price falling to my 0.67670 which was also a retouch of the trend-line drawn on the H4 TF. After this retouch price gained bullish momentum, I expect price to retest the neckline of the Head & Shoulder’s (0.68530) before continuation of bearish movement. Daily analysis...
Directional Bias For EURCHF Is Long.
Before entering the trade I would wait for break re-test of downtrend and a strong Bullish candlestick close (Daily)
However price could kiss trend-line and and carry on falling, but due to bullish momentum i believe this is the start of
a upwards trend.
Directional Bias: Short
Scenario 1: Identified symmetrical triangle,
price has retested the upper level 3x which
shows the validity of the level and that price will fall
Scenario 2: Price has been forming HH & HL which indicates a uptrend.
Price has broken resistance turned support, expecting price to retest support