Wizard
Long

EUR/USD Channeling up to previous High, Resistance & Fib. level

FX:EURUSD   Euro Fx/U.S. Dollar
Based On: Structure, Fibonacci levels, Channel, Stochastics, RSI , Momentum ..
IF EUR/USD             Reaches 1.3648. Economic Calendar events will effect this heavily, i am looking forward to a volatile day (TODAY:EUR Interest Rate, Decision, ECB Press Conference, US Nonfarm Payrolls, US Unemployment Rate, ISM Non-Manufacturing PMI ) If these events will be positive for EUR and Negative for Dollar, this could be a fast move (1day).

Then ==> I will Buy EUR/USD             , I may however buy it at a slightly higher price as the price action up has already strated, but it would be safer to wait till the price drops and then but, it could also not happen.
(IF EUR/USD             will go up very slowly THEN i will take some profits of early)
IF Today's big economic calendar events goes in conflict with a move up THEN ==> i will close my position and possibly open it again if an opportunity presents itself.

Thoughts & Why's
UP SIDE
There is a clear channel that is going up and is likely to continue.
Stochastics RSI is Oversold at 11 (11.4)
Momentum is gaining
Strong structure (6-8 points)
US Dollar INDEX             ( DXY             ) look's like a sell along with USD/CHF             (
USDCHF to go down if it reaches 0.89048
) so EUR/USD             should go up as dollar weakens.
There is also a double bottom, which is also a medium sign that EUR/USD             is going to go up in short term.
DOWN SIDE
1. Major Fibonacci Level 0.382
2. Structure (Confluence with Fib Level 0.382)
A major 0.382 Fibonacci level at 1.3689 that and structure right there as well.

When Fib Level 0.382 (EUR/USD=1.3689) a retracement will probably take place if Dollar index             goes down.



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Wizard
2 years ago
To get a better view fatten up and manipulate the chart a bit.
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