We have seen a rise in Eur/USD based on my previous idea where breakout levels were indicated. It broke to the upside and based on the previous retracement calculation we went above 1.618 Fibonacci level and are aiming at 2.618 Fibonacci level as this can be seen on the chart. And that point should be around 1.1831
This move could be initiated by either FED event we are expecting today or the jobless claims next day. Either way - we should be expecting a decent retracement by the end of the week which should be coming down from 1.183. It is expected to have a 38.2% correction and a fair point for take profit for this short term sell would be around 1.1575
This is not the time to start buying up to the 1.183, it is best to wait the price to rise above 1.18 and watch the price action between 1.1815 and 1.183
Comment
⋅
For buyers holding their positions bought a while ago - 1.1675 should be a turning point where positions should be closed and switched to selling. The drop from 1.18 is possible as a profit taking is taking place and if you are trying to preserve profits - partial profit taking should occur at 1.171