Euro Futures 6E1 Finding Support?Looking a 4 hr line chart at some reoccuring retrace levels and time cycles we can see price is reaching the 70% retrace level of our last major uptrend. The question is will it be "retrace" and bounce or break the low of the last major swing signaling a reversal of the longer running macro uptrend.
Looking at the log chart we can see the rate at which price is dropping is slowing signaling we may be finding support at a 70% retrace of the last swing.
IF we are finding support a reasonable expecation would be to form a range of accumulation before seeing a push to up side.
The current chart is pointing out squares of time and price from the down trend giving high probability price levels and time cycles of future trend.
First major point of resistance is the 1.96 zone where we have the .236 retrace level of the entire down trend IF it is has bottomed, the 50% retrace level from the last high of the downtrend, the 45 degree mark from squaring the last down trend, and the 200 EMA on the 4hr.
Just looking at the chart this zone could be an accumulation zone for a continuation of macro uptrend or if we are seeing a macro reversal it could also be seen as point of rejection and continuation of our current down trend.
Current trading plan is to trade the current range from this hopeful low to local resistance.
IF it brakes to the upside next local target would be the swing golden pocket.
IF it brakes to the down side there is a small gap to fill down to the 1.081 area.
Trade Well......
