EURBRL November 2016EURBRL November 2016
the bear roar from march 2016 and break 0.618 suport level. Are this pair are hopeless for bullish?
at daily chart, we can see euro vs brazillian real already break channel down at november 11
and failed to break support level at october 25
this level also a good support for brazillian real at july 2015
so this breakout are a very good sign for bullish, but we need more reason to take this price movement as reversal, since it was a very strong bearish perform at EURBRL chart daily
If we look for bigger timeframe EURBRL analysis (weekly), this level also as resistance at black friday 2008
and it's 0.5 fibonacci from september 2010. So this strong support will be our basic forex outlook at EURBRL trading strategies
and this is also a good sign that the big correction already over at EURBRL
4 hour timeframe, EURBRL perform channel up, after success break the big correction
to take a good setup, we need to wait some retracement around .618, and we may calculate a setup timing using a time cycle, time cycle are a good forex forecast technical analysis tool . If EURBRL made a correction for this week, the best bullish position at 61.8 fibonacci support,
this level also a very good support line that hold bearish movement at Aug/Oct. 3.6030 are best long position for this month at brazillian real
to analyze target and stop level, we need to look at bigger timeframe at daily EURBRL chart, and combine with fibonacci target
as we see the 1.168 are CSR level at November 2015 and April/June strong support, 3.9209 are best target for bullish at EURBRL
with stoploss below last low at 3.4739
this trading plan R/r ratio : 2.44
