EURUSD Long Term Levels

FX:EURUSD   Euro / U.S. Dollar
550 4 8
THE BIG PICTURE: A major fib level can be seen if you measure segment BC             . The measurement finds a 61% retracement level just above 1.12 which has been slightly breached. There is another level down at the 1.03 zone which can be seen using the fib extension tool and measuring segment AB and projecting from point C
THE TECHNICAL STANPOINT: As long as the 61.8% level holds, then it becomes apparent that accumulation at that level has taken place. A slight overshoot of the level can be expected. Establishing a swing low on the daily chart will help trigger a buy signal. This is in line with the short scenario that is developing in the DXY            
Comment: THE BIG PICTURE: After some time the euro is reaching the projected level of support as mentioned. For the time being is prudent to acknowledge the symmetrical move from points CD that is a match of the segment from AB.
THE TECHNICAL STANDPOINT: Since the forecasted low is currently being created it is not a good idea to look for short opportunities. Instead the smarter bias will be to look for strength to build as the euro tries to stay above parity. With that in mind as long as the euro does not break below parity, then be on alert for bottoming patterns to form on the shorter timeframes.
Hi, I've noticed all your charts are monthly.
How do you trade the shorter timeframes?
Hi IvanLabrie, At the end of the day that is where the rubber meets the road. The backbone revolves around a momentum based approach relying on dynamic support and resistance. Avoiding the complexity is part of my philosophy, but the execution of the shorter time frames essentially relies on trend following principles. Hope that helps
+2 Reply
IvanLabrie Andy_Garcia_CMT_CFTe
Was just curious...I like the concept, and I also try to follow the trends as much as possible.
thank you for the inquiry, on this end just trying to stick to a cohesive argument that can be utilized by as many as possible all the while allowing ample time for necessary adjustments.
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