India Crypto Exchange

Best Bitcoin Trading Platform

EUR/USD: Looking South On Monthly Chart

EUR/USD: Looking South On Monthly Chart

EUR/USD

Sell signals under 1,11 using last bullish move’s Fibonacci level to find resistances. Take profits levels: 1,06 1,05 1,0 0,991 0,91. On the monthly chart, we see the pair clearly going south. It has, however, to meet a support line that proved quite effective on several occasions -see blue rectangles- around 1,06. Should the pair pass that support, the next ones are located at 1,05, 1,00, and 0,99 – 0,91 -two Fibonacci levels. Those lines will be my take level profits; they may also be good entry points for additional selling.

EUR/USD Monthly Chart

On the weekly chart, the pair confirmed a support trend line bearish break out, with a powerful candle. I want to look for short signals, meaning I will look to pull backs to resistances first. To find resistances, I may, for instance, put a Fibonacci retracement on the bullish move that took place between March and July this year. Doing so, I may notice the pair is currently resting above on the 0,786 retracement level at 1,073. The 0,886, is around 1,06 (the same level than the monthly support we noticed earlier). The previous weekly low is around 1,046. Those are the three nearest supports the pair will meet on its way down.

EUR/USD Weekly Chart

By looking at the daily chart, I find the resistances I will use to look for selling signals. Such a resistance zone is located between 1,0825 and 1,0875. Then there is a 61,08 Fibonacci retracement around 1,095, and finally a 0,50 retracement near 1,1. This will also be the point above which I will stop looking for short trade.

EUR/USD Daily Chart

0 0 votes
文章评分
Subscribe
Notify of
guest
0 评论
Inline Feedbacks
View all comments