ForexWeeklyAnalysis
Long

200 pip loading zone for potential longs on EUR/USD

FX:EURUSD   Euro Fx/U.S. Dollar
115 2 2
This is an updated chart from my other analysis here:
Low 1.38XX will decide if EUR/USD had a fake breakout or not
(Low 1.38XX will decide if EUR/USD             had a fake breakout or not)

- High 1.37XX region is 38.2% fib level (price did puncture but has closed above it on daily and weekly charts)
- Mid 1.37XX region is Thursday's low
- Low 1.37XX region is the 50% fib level
- Mid 1.36XX region is the 61.8% fib level and previously resistance as well.
- Low 1.36XX region is an untouched level from previous price action as well (forgot why but I have it noted)

Risk is difficult to determine since there are so many potential bounce points but if I had to draw a line in the sand, it would be at 1.65XX/1.655X.

Target 1: Low 1.40XX (Let's face it, price almost always overshoot round numbers by a bit)
Target 2: Mid 1.42XX (High of October 2011)
kaloeg
2 years ago
I see pair still on the trend line we may need to wait alittle more to be sure its broken
Reply
Today is Friday, so the weekly candle closes today. Unless price somehow manages to surge upwards, we're going to have a red weekly candle which will confirm the breakout was fake and nullify the long set up. Having said that, I'm still watching the mid 1.36XX region for a possible short term bounce point to retest the trend line before the big drop.
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