jmadrid.pom
Long

EURUSD BUY IDEA

FX:EURUSD   Euro Fx/U.S. Dollar
42 0 1
Monthly charts show major s/r at 1.0500 and 1.1500, price is right in between those 2 zones. When we fib from the previous low to the previous high we find that price comes to a rest right on the 1.618 fib zone, this gives us extra confluence along with major s/r zone. stochastic and rsi show no overbought or oversold price in this area. --overall trend is bearish .
Weekly charts show price to be resting on major fib zone 61.8, which is extra confluence along with major s/r zone and monthly 1.618 fib zone. Price seems to respect this zone on monthly and weekly charts. Indicators show no overbought or oversold zones on the weekly chart, strength of price is neutral.----overall trend is bearish
Daily charts show price about to ht             major s/r zone along with major confluence with 1.618 and 61.8, indicators show price to be oversold on stochastic and rsi . When we look to the left of the chart we can see where price has hit this zone several times but has failed to break, not to mention the major confluence we have in this area. Once price hits this zone i am expecting price to shift momentum and begin to see buyers gain full control.
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