This is a 4H chart for FX:EURUSD Probability : Short
Price bounced from the resistance zone and now is showing downside movements, trading exactly at the 38.20% Fibo level, and also right above the EMA100, so If price will break this level it will continue toward the 61.80% Fibo (previous low and middle of the channel), on the other side any failed attempt to break the 38.80% will send the price again to the resistance zone.
Updates will be available later.
This is not a signal, it's just my opinion, Good luck
Great analysis. Similar to my thinking. In my opinion, we're going down all the way to the last major support at 1.20650ish. This is also a 50% Fibo retracement level. Reason for that is, that the latest LL @1.21460 broke previous support level with ease. After that, we made a new LH which confirmed we're in a downtrend. Until that level, we'll go zig-zag down, respecting Fibo's and major support zones. Let me know what do you think.
UnknownUnicorn1052454
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@lux7, thank you for passing by my post, I agree that more down movements are coming and also i loved what you said " zig zag down " well we need to set our SL and trade safe, and time will show all :)