Well, any good trader will understand what I want to say and why from the chart, I believe it's obvious, but still I will explain it technically then fundamentally.
Technically:
1- Clear Bullish divergence at daily time frame which I consider a clear reversal or at least it is one of the means that shows that the down momentum is ending.
2- Fibo is already heading 78.6% which from my point of view according to my 14 years day to day trading one of the magical support/resistance lines. P.S; that's why I'm buying from there in the first scenario.
3- It has finished 3-4 wave and started 4-5 wave from the Elliot-wave standerds which to me is a good reversal indication as well.
4- From the weekly time frame you will find a crystal clear rising wedge and it has already dipped to it's bottom or about to, so I think bullers should get ready.
Fundamentally:
I would have changed my analysis completely if the euro stimulation package in 15/16 got what it was constructed for, but unfortunately. One good indication for the Euro is kicking out England, this will increase the pace. However from the other side of the ocean US economic data are showing slightly break as well as the "trumowell" syndrome lool not to mention the inverted yield curve, so anyway weather they mean it or not, it's all heading for a weak dollar and a strong euro.
Technically:
1- Clear Bullish divergence at daily time frame which I consider a clear reversal or at least it is one of the means that shows that the down momentum is ending.
2- Fibo is already heading 78.6% which from my point of view according to my 14 years day to day trading one of the magical support/resistance lines. P.S; that's why I'm buying from there in the first scenario.
3- It has finished 3-4 wave and started 4-5 wave from the Elliot-wave standerds which to me is a good reversal indication as well.
4- From the weekly time frame you will find a crystal clear rising wedge and it has already dipped to it's bottom or about to, so I think bullers should get ready.
Fundamentally:
I would have changed my analysis completely if the euro stimulation package in 15/16 got what it was constructed for, but unfortunately. One good indication for the Euro is kicking out England, this will increase the pace. However from the other side of the ocean US economic data are showing slightly break as well as the "trumowell" syndrome lool not to mention the inverted yield curve, so anyway weather they mean it or not, it's all heading for a weak dollar and a strong euro.
Trade closed: target reached