Looking for a retest of the broken 111.000 zone to take short continuation trades down the the next zone around 110.500
Entry reasons: rejection of the broken zone and pin bars at the 61.8% Fibonacci retracement.
Extended targets at 110.200, the -27.0 Fibonacci extension and previous low.
Bearish market structure has been broken and has completed the retest of the broken zone. We are in an uptrend on the 1H and price should continue up with momentum to the next zone and 38.2% Fibonacci retracement.
We have broken structure support which has now turned resistance. Along with that we tapped the 50% Fibonacci retracement and are now following through on the move down.
Looking for a pullback to retest the zone and then take shorts.
I have been patiently waiting the entry into this supply zone for weeks - we've finally made it.
Looking for a big push out of this zone and am observing price action for entry reasons. We've been here a few times in the past so I will wait to see where the market finds the orders stacked before entering.
Previously entered the breakout at 1191.00 and have taken profits at 1205.00 / 78.6% Fib.
Looking for entry reasons once again at 1196.00 which is the the 50% Fibonacci retracement and recent support zone.
We will make a double bottom at 1196.36 and from there observe price action for entry.
Target of 78.6% Fibonacci / 1205.00.
Looking for a push into the ~0.995 supply zone which aligns with the 78.6% Fibonacci retracement to go short.
Ultimately looking to take profits at ~0.975 demand zone which is also the 38.2% Fibonacci retracement.
EURUSD failed to break the trend channel it is currently in - which aligned with a previously broken zone of support which is now turned resistance. Entered on the retest of the broken zone.
Looking to take this trade to the next support zone, and bottom of the channel around 1.1448.
1. Break of trend
2. Retest the broken zone
As discussed in my previous US Dollar -0.22% Outlook idea, we would need a catalyst to send us through the major resistance area of ~95.70 the 61.8% Fibonacci retracement .
Yesterday was a quite a news day for the greenback and we got the push needed during the New York session and Fed speeches to send us through the resistance zone we've been trying to breach...
Coming into NFP this Friday, it's always important to see where the US Dollar is sitting.
As you can see, we have tried for the third time to breach the 61.8% Fibonacci retracement and major supply zone of ~95.70 and have failed.
The US Dollar will need a catalyst to break the zone and we may get that this Friday when Non Farm Payroll and Unemployment reports...
I was going to post this trading idea last night before the breakout happened, but was concerned there may not be enough content for you all to learn from. I guess the lesson here is, if you have the knowledge and the experience, you start to know things when you see it. Pattern recognition, I suppose. We don't need indicators to understand the market.