EU bounce exactly up in our Ideal Shorts zone (see above link). The rejection is clear but is not clear if only from profit taking. Reactions at the various zones will help gauge retrace strength.
1.10746/753 will hopefully act as resistance now, we are right up to it. 1.10887/924 should be strong resistance now, Stop Losses just above. 1.11082/127 should not be broken, otherwise this is going Bull again.
1.10633/651 is first support, expect a bounce of some sort. 1.10540/559 is first strong support, expect a strong bounce. 1.10391/407 could end the retrace and return to uptrend.
Previous EUR.USD analysis (click): (found last bottom) (in time, to the Pip) (scalp that ran hard) (perfect top, huge profits) (the exact top a year ago)
Of course, I have had total FAILS on some plots also, not going to pretend. But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Sweet! the "Could become Resistance" looks to have done just that, and the "Expect a small bounce" zone looks to be doing exactly so
Zoomed in, it looks like the Red fib is still calling the shots That is a good sign for bears, because those waves are travelling downards.
Now need to see if this bounce poses to threat to shorts.
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Have closed 50% of the position for 24 pips profit, and move Stop Loss to 10 pip profit. So worst case is 34 pips profit (although accounting for 50/50 makes it more like 28 pips profit) .
Not bad for a couple of hours, NO stress, NO drawdown, love trades like this. Just gotta be careful not to get cocky after such a trade, next one could easily give a loss.
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London Open brings the drop. EU should "notice" 1.1055 on the way down, but I think 1.104 is fated
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So we got a pretty Strong Bounce where it was "expected" Now to see if the expected Resistance does its job ...
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Forgot to update this on Friday, was busy with trade management. Target was hit precisely, have closed 80% of my short position, have NOT gone long yet. The remaining 20% short is with SL at Break Even. This could easily keep doing down, so will risk some of my profits to take a shot at continuation.
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Looks to be getting trapped below the support zone
Zoomed in, there is an exact rejection by the red 6.618 Currently in Asia session, so not much volume to judge these moves with. But, an exact reflection like that is often the start of a move in that direction.