Potential Short term reversal of EURUSD at Fibonacci retracement
I was interested in a recent analysis presented by AlexandreFXKG as I am trading this pair actively. This morning I spotted a nice continuation in the price as we expected. However, I am worried about the French Presidential election coming up this Sunday (first round only). I am wondering if there may be some large price moves due to thin markets ahead of this event. At the same time I noticed some buzz around the 61% Fibs voiced at a large UK bank. Tracing these fibs to the chart the price appears to be taking some resistance to this 61% retracement.
It could be an early warning that some larger institutions are preparing to book profits or similar at these levels. This is something I am weighing into my own trades. Overall I am actually medium term bullish for the Euro, but very short term (until Monday) I am neutral to bearish.
Personally I might sit this one out now until Monday to review, probably going long. I also expect the price action to remain within the channels, so if the price lowers within the channel, support indicates where I plan to place a future trade.
It could be an early warning that some larger institutions are preparing to book profits or similar at these levels. This is something I am weighing into my own trades. Overall I am actually medium term bullish for the Euro, but very short term (until Monday) I am neutral to bearish.
Personally I might sit this one out now until Monday to review, probably going long. I also expect the price action to remain within the channels, so if the price lowers within the channel, support indicates where I plan to place a future trade.
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.