we are currently at a level of confluence.... The fibb levels currently line up with significant support levels, a possible diagonal support level, record number of down weeks in the past few years...
.can we blow past this level? yeah, proper money management or SL's will determine if you can take advantage of this potential trade. The major trend is down, as the thick red diagonal trend line indicates.
The EURUSD tends to like 50% retracement levels, if we dont break past the .382% retracement level look to go heavy short with SL's above the .382 level and we should get an extension wave to the minimum area of inside the green box.
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Saoldric
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currently 50 pips up from the support level, lets see if it holds...