EURUSD | Trying to find a strong support | Next Week Analysis
Hello Friends,
(A) ON THE BULLISH SIDE | Scenario One
As buyers took profit on Friday at 1.0950, they are trying to come back using a good strong support zone level at: 1.0896 - 1.0884.
Why? Because, at this zone you can easily see:
1- A very strong (very important) weekly level (now it's a support) at: 1.08900
2- Exactly at the same level, there is a 50% Fib. Retracement level, that measures a prev. bigger bullish trend that was established from 1.0635 to 1.11477, this trend broke 200DMA (27 March).
3- There is also, magically comes at the same level, another 50% Fib. Retracement level that measures the recent up-trend, that was established from 1.0830 (which considered as a prev. swing low) up to 1.09526.
4- At the 1H chart, you can see a 200HMA comes in to join the 1.08900 level, at 1.08863.
So, 1.08900 is a buy level. However, you need to wait for a buy signal at a lower time frame.
Profit taking can be at 1.1040.
= Scenario Two =
We come to scenario two, only if price closed above the zone level at: 1.0950 - 1.0965.
In this case, we need to wait for a pullback to define buy entry level on a lower time-frame.
(B) ON THE BEARISH SIDE
Consider trend turned to bearish only if closed below 1.08300 which considered as a prev. swing low on the 4H time-frame. If that happened, then wait for a pullback on the 1H time-frame in order to define entry level.
--------------------
- Energize your mind.
- Plan your trade & trade your plan.
- Do not trade the money you cannot afford to lose.
- Your "Like" & "Comment" are very appreciated.
--------------------
- Please, you may not consider this trading analysis as an investment advice.
(A) ON THE BULLISH SIDE | Scenario One
As buyers took profit on Friday at 1.0950, they are trying to come back using a good strong support zone level at: 1.0896 - 1.0884.
Why? Because, at this zone you can easily see:
1- A very strong (very important) weekly level (now it's a support) at: 1.08900
2- Exactly at the same level, there is a 50% Fib. Retracement level, that measures a prev. bigger bullish trend that was established from 1.0635 to 1.11477, this trend broke 200DMA (27 March).
3- There is also, magically comes at the same level, another 50% Fib. Retracement level that measures the recent up-trend, that was established from 1.0830 (which considered as a prev. swing low) up to 1.09526.
4- At the 1H chart, you can see a 200HMA comes in to join the 1.08900 level, at 1.08863.
So, 1.08900 is a buy level. However, you need to wait for a buy signal at a lower time frame.
Profit taking can be at 1.1040.
= Scenario Two =
We come to scenario two, only if price closed above the zone level at: 1.0950 - 1.0965.
In this case, we need to wait for a pullback to define buy entry level on a lower time-frame.
(B) ON THE BEARISH SIDE
Consider trend turned to bearish only if closed below 1.08300 which considered as a prev. swing low on the 4H time-frame. If that happened, then wait for a pullback on the 1H time-frame in order to define entry level.
--------------------
- Energize your mind.
- Plan your trade & trade your plan.
- Do not trade the money you cannot afford to lose.
- Your "Like" & "Comment" are very appreciated.
--------------------
- Please, you may not consider this trading analysis as an investment advice.