Merry Christmas everyone and happy holidays!
Welcome to another analysis, this time on the EUR/USD pair
I use fibonacci retracements to look for support/resistance levels. I prefer to see prices respect the fibonacci levels from start to end.
What im looking for is a retracement of minimum 38%, once this criteria is met I begin to plot the fibonacci projections tool to measure the most accurate future support/resistance levels
This tool is also called trend based extensions on TradingView
If price finds support/resistance above 50% projections, i am usually expecting a continuation of the impulsive wave or trend, but only after a pullback. From here I want to see support/resistance at approximately 11% projections and then trade in the direction of the trend.
If price finds support/resistance below 38% projections I am expecting a trend reversal.
In this chart you can clearly see support at 38% projections as price found buyers stepping into the market here.
The buyers are fighting for the higher lows and a higher high is now expected.
The most realistic target would be 1.28x at 78% ab retracement.
Thank you for reading the analysis
Please dont forget to like the chart and make sure to state your comments in the section below
Thank you guys for all the support I really appreciate it!
God bless
Welcome to another analysis, this time on the EUR/USD pair
I use fibonacci retracements to look for support/resistance levels. I prefer to see prices respect the fibonacci levels from start to end.
What im looking for is a retracement of minimum 38%, once this criteria is met I begin to plot the fibonacci projections tool to measure the most accurate future support/resistance levels
This tool is also called trend based extensions on TradingView
If price finds support/resistance above 50% projections, i am usually expecting a continuation of the impulsive wave or trend, but only after a pullback. From here I want to see support/resistance at approximately 11% projections and then trade in the direction of the trend.
If price finds support/resistance below 38% projections I am expecting a trend reversal.
In this chart you can clearly see support at 38% projections as price found buyers stepping into the market here.
The buyers are fighting for the higher lows and a higher high is now expected.
The most realistic target would be 1.28x at 78% ab retracement.
Thank you for reading the analysis
Please dont forget to like the chart and make sure to state your comments in the section below
Thank you guys for all the support I really appreciate it!
God bless