Based on Fib Extension and Structure Target around 127.2% extension from last move. IF we break that 127.2% extension THEN we move to 161% zone. "Look left, structure leaves clues..."
EURUSD is being heavily supported by a 3 week support structure. A Bat Pattern is visible in H1 chart and represent a very good sign to BUY. Let's see what EURUSD got for us.
The Greek tension and the futur about its debt will give the short term direction of Gold. If the Greek Debt is being under pressure because no solution is found at Euro level, there precious metal may go up qukcly. On the other hand, if we do progress towards a solution, the precious metal may resume its "natural" path which is down the road towards 1180 and then...
Pretty reasonable risk reward here, could be better if it test the lower ascending triangle once more. Coincidentally, Greece debt deal will be up within the next 10 days and this might be the catalyst for the better or worst. T/P: 40.89 Entry: 34.60 S/L: 31.37 (Trailing stops by 0.04 daily)
This setup is base on the following price confluences. 1. Downtrend on Monthly chart witch has been initiated from economics news shift, as well as resistance, and trend line as indicated by arrows. 2. Support and Resistance lines for a very long expectation of down trend. 3. Descending channel trend line. As shown in purple channel as well as how price reaction...
Look In the chart, we BOTTOM 1 time every 2 years EUR / USD looks of his .2010 (1.180) -2012 (1.20) and the 2014 !!! (1.22 >>?) Parity 1.25050 to 1.27000 and 1.22000 years after the end 1.280000 (2015) Ersoy TOPTAS MY Link: tr.investing.com website: www.ersoytoptas.com Website : ersoytoptas.com