Malika_Analysis

LEARN HOW TO SPOT PROFITABLE IDEAS - EURUSD

FX:EURUSD   Euro / U.S. Dollar
A few days ago, i did a mark up on EURUSD which i have attached below. As you you can see price moved and achieved my Take profit 1 and there is potential for price to make new highs and hit our take profit 2.

In this post, i am going to break down this mark up on an educational basis as i believe it may benefit a lot of people.
To begin with, it it very important that you keep your analysis simple and your charts as clean as possible.

I have marked the points of support and resistance with the light grey boxes and these are points in the market where price may pivot . In other words where price will either respect or violate. Will either break and trade below or above or will bounce off.
We can see price met out support ( at the bottom) and from this point price started an uptrend. One way you can know this is via the use of trendlines . We can see price broke above the descending trend line i have plotted implying a start of a new trend upward.

Once price made a bullish run it met resistance ( found at the top) and price started to retrace. This is where i used the fibonacci retracement tool. For those that don't know, this tool is widely used by traders to measure retracements ( pullbacks) within the market and the levels on this tool are also areas of support and resistance . It is a very important tool you must all have in your tool box as contributes to making your strategy objective.

The fibonacci was drawn from point A to point B as you can see my entry was marked at 50% retracement level. We then see price rejected from this level and move be bullish and continue the uptrend.

Hope this helps :) i will create more educational videos covering more topics like stop loss placements, take profit levels, trading psychology and much more.

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