After successfully hitting the short on FOREXCOM:EURUSD we are tending towards two major areas of support. In the daily time frame, we can observe the 1.0995 level as major support and resistance several times on the previous structure. The level of (potential) support coincided with a major fib level as well, adding to further confirmation for a potential reversal.
Scenario two: The level of 1.09450 is weekly support which we know to be significant for price action. If price continues towards the downtrend then it is likely that you can see a reversal of structure with bullish pressure from buyers.
In both instances monitor the 4H time frame for break-in structure to the upside and set your target to the 1.1080 level (also major fib level assuming price treats its current level so support).
Good luck traders and remember to always use proper risk.
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Scenario two: The level of 1.09450 is weekly support which we know to be significant for price action. If price continues towards the downtrend then it is likely that you can see a reversal of structure with bullish pressure from buyers.
In both instances monitor the 4H time frame for break-in structure to the upside and set your target to the 1.1080 level (also major fib level assuming price treats its current level so support).
Good luck traders and remember to always use proper risk.
Please like and comment on your ideas below as this helps others see these as well!