There is a long position opportunity on the EURUSD. Stochastics : Oversold Reversal Head and shoulder creation Engulfing Candlestick (3 Candles) Then there is a scenario where the Head and shoulder completes and then there is an opportunity for a short position. There is a downwards weekly trend There is upwards monthly trend
Short position EUR/USD Monthly Chart shows a Bearish Trend Entry at 1.16169
the monthly charts shows a bearish trend. Following this trend on the daily chart we can see the monthly and daily support and resistance The triangle shows that the price might hit resistance line and fall back to monthly support line.
Fibs 38.2 to 50% for retracement Eliott wave theory start of the second wave Since first wave was very large, the 3rd wave that will probably end in January will be even larger.
Past price gives support at 793.29 that might become reistance. Support/Resistance (red) The Fibonacci ratio % shows us a possible support at 777.05 there can be a loss of momentum and a bounce back between 38.29% and 50% ratio, passed this ratio the bears have enough momentum to drive price down to support 680.00 (blue), however unlikely. The target price can...
We can have possible restest of a 50% fibs retracement which can either bounce back at that 50% retracement or either catch momentum and breaktrough to a new high.
GBP is continue to go strong we can predict a continuation of the fall if USDGBP pair. Back to at least a 78.6
we have reached at 78.6 retracemment we can expect a continuation of this momentum to 127 for a bounce back up
There is two possible position the price might bounce back at 23.6 or bounce back at 50 once the the 61.8 is passed the trend has lost momentum and might follow and up trend.
.93% return/0.44% at the 1.27 They has been a test at 78.6 % we are hoping for a retest and a breaktrough to 127.