EURO USD is in a downward trend, beneath the EMA 50.
Using the Fib tool marked out levels to try and get back in and follow the downward trend.
My entry (1.0710) just below the lows of the previous days candle if the price bounces off the 23.6% levels (1.0796).
Target will be just before the price hits the 38.2% level and the support levels 10 days prior, for an approx 60 pip gain (1.0650).
Will look to move the Stop down to the 1.0650 and lock in the profits as the price could break through the 38.2% level and move further down to the 50% level at 1.0512. If not and it bounces off the 38.2% level, I would have locked in my profits at 1.0650.
Hey that's my thinking anyway, so I'll find out soon. If the price goes through the 23.6% level I will most likely cancel the pending order.
Using the Fib tool marked out levels to try and get back in and follow the downward trend.
My entry (1.0710) just below the lows of the previous days candle if the price bounces off the 23.6% levels (1.0796).
Target will be just before the price hits the 38.2% level and the support levels 10 days prior, for an approx 60 pip gain (1.0650).
Will look to move the Stop down to the 1.0650 and lock in the profits as the price could break through the 38.2% level and move further down to the 50% level at 1.0512. If not and it bounces off the 38.2% level, I would have locked in my profits at 1.0650.
Hey that's my thinking anyway, so I'll find out soon. If the price goes through the 23.6% level I will most likely cancel the pending order.