Fibonacci analysis and short position in EURO / DOLLAR
Updated
We see how the pre-opening of the European markets punished the Euro against the American Dollar.
Leaving it in position of bearish movement, within the main trend, it is observed in the graph, as to lost HDH and FDK.
What makes me think about seeing the euro again at price levels around 1.16.
I distinguish two large Fibonacci resistances coming together, with the loss of the zone of overshoot of the SEC oscillator, at this moment the price is in an area compromised in its narrowing of squeeze and hidden divergences bearish by strong hands.
Everything indicates the possible scenario of seeing a small rebound towards price levels close to 1,171, where we would take short positions once outside the OS zone.
Short market position:
— Input: Current market prices.
— Stop Loss: Around 1,174
— Expected Take Profit: 1,159 / 1.16
Hek
Leaving it in position of bearish movement, within the main trend, it is observed in the graph, as to lost HDH and FDK.
What makes me think about seeing the euro again at price levels around 1.16.
I distinguish two large Fibonacci resistances coming together, with the loss of the zone of overshoot of the SEC oscillator, at this moment the price is in an area compromised in its narrowing of squeeze and hidden divergences bearish by strong hands.
Everything indicates the possible scenario of seeing a small rebound towards price levels close to 1,171, where we would take short positions once outside the OS zone.
Short market position:
— Input: Current market prices.
— Stop Loss: Around 1,174
— Expected Take Profit: 1,159 / 1.16
Hek
Note
Once the zone of R1 is passed, we find ourselves facing a Fibonacci K confluence, around the current level of R2.We will be attentive to this area, if overcome, we would enter the straight to take profit.
Trade closed: target reached
Objective reached we closed and rethink new scenario. :)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.