EUR.USD approaching Strong Support zones: EU Shorts take Profit

Follow up to my Long to Short pathway (click).

EU is approaching the 1st of 3 crucial support zones.
If "trend change" is to happen, one of these must hold.
Loss of all three supports will be very bad news for bulls.

$ 1.10750/784 should be strong support, at least a bounce.
$ 1.10536/566 could be hit for a stop hunt under local low.
$ 1.10394/432 would be a scary but high profit long entry.

Previous EUR.USD analysis (click):
1.116 TP into Short (profits both ways)
1.109 Bounce call
1.070 Bounce call
1.125 Short call (massive profits)
1.119 Bounce Plot (better than expected)
1.131 Short call (pin point accurate)
1.118 Long call (scalp that ran hard)
1.240 Short call (the very tip-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.

Comment:

Beautiful Bounce

We got a spring loaded bounce out of the "at least a bounce" zone

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Zoom IN (8 min) for a close look at the bounce

very nice Fib to Fib moves.

So lets put a fib on the bounce

a good candidate, with clean Pings of its own (I have hid all other fibs for that shot).

Now looking at that new fib along with everything else, leads to a few changes to roadmap

and gives us a new target at 1.111xx

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Zoom back OUT (1 hr) for the complete picture

if 1.111 is our new target, what about the "Bear Invalid" thoughts?
Firstly, that was meant as in "IF it break above this before it breaks below 1.109" THEN bearish outlook was invalid.
For now the bearish bias remains, UNLESS bulls get past 1.111x, THEN I would need to re-evaluate based on such new information.

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SUMMARY:
- Got our bounce exactly where expected.
- Bounce does look to have some fib legs, so it might hit 1.111xx
- If it does hit that target, then we should re-evaluate our short term bearish bias.

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Comment:

Ping

EU bulls need to hold this

got a nice Ping and everything, now or never

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