Despite neutral fundamentals, the confluence of long term support and Fibo 0.618 retracement from June lows, could be a significant technical turning point in the market. MACD's long term and short term are pointing in the right direction too. I am targeting and entry on the break of the next fractals level at 1.2925. I have set up short stop because of my account...
Despite neutral fundamentals, we could be at significant turning point. The confluence of long term support with 0.618 Fib retracement from June lows is a significant level from which the pair rebounded. My entry point would be a break of the next fractals at 1.2925, for a long term target at 1.3600/1.3625. I have set up a short term stop du to my account size, at...
Resuming its down trend for another big push? Entering new territory, quite difficult to predict next support level in the context of US/China trade war.
Time to go short again. Our stop will be just above the previous candle high, which happens to be the convergence level of our two moving averages, which reacted well as resistance level on the previous correction.. Target a push on 1.03.
Let's keep our fingers crossed!
Well, we are well into our rebound. As predicted the 1.04 level acted as a strong support. We are now getting close to selling time! Lets just wait for another little push closer to the red downtrend line and watch for a turn on the RSI and the stoch, as sell signals!
Certainly the overall profile is looking weak, but we haven't gone through the critical support level yet. Everything points out to the 1.04 area as a MAJOR support level. We have a long term support line in this area, matching the 50% Fib retracement and the red upper neck line should also be right on the spot. This are three major supports all coming to 1.04....
