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Eur/usd short term retrace possible before bearish sentiment resumes

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  • Eur/usd short term retrace possible before bearish sentiment resumes

    The past week has been a very interesting turn of events for EUR/USD. Some side way trading around the 1.3350 area approximately for 4 days. This price level is of some importance as it is the 50% Fib. retrace on the 1.2750 to 1.40 up move. But also the 50 percent fib level aligns with the 161.8 percent Fibonacci retracement, hence providing additional color to the bullish outlook.

    So to conclude if the bottom side Fibonacci levels hold and the 4 hour breakout resistance now turned support holds, bullish sentiment for the pair is very likely and it is well on its path to 1.370, as this will be testing the previous high made on June 30.

  • #2
    Anyone please feel free to give their insights. Will gladly learn from each other.

    Comment


    • #3
      Originally posted by Piprider View Post
      The past week has been a very interesting turn of events for EUR/USD. Some side way trading around the 1.3350 area approximately for 4 days. This price level is of some importance as it is the 50% Fib. retrace on the 1.2750 to 1.40 up move. But also the 50 percent fib level aligns with the 161.8 percent Fibonacci retracement, hence providing additional color to the bullish outlook.

      So to conclude if the bottom side Fibonacci levels hold and the 4 hour breakout resistance now turned support holds, bullish sentiment for the pair is very likely and it is well on its path to 1.370, as this will be testing the previous high made on June 30.
      I personally think EURUSD will continue to be range bound unless something fundamentally changes as a result of conflicts in Russia or even Israel. Therefor I'd expect it to move back towards the 1.37 mark over the next few weeks.
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      • #4
        Yes, Nick. Thats what I was expecting it to do as well.

        Comment


        • #5
          I stop analyzing where the market is going because at the end of the day it moves in a direction wherever it wants to go. I just let my robot ride where the market it's going. If my robot picks the wrong direction, I get stopped out right away. No hoping, No praying. I take the loss and move on to the next trade.

          Cheers,
          FxTurtle

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          • #6
            fxturtle, I agree with you, the movements can be unpredictable sometimes. But at the same time, robot also can make mistakes, so I prefer trading and analysing all by myself relying on internet forecasts and financial news.

            Comment


            • #7
              Here is an example of how I'm doing my trading:
              Today the EUR/USD is slowly going down. We can see not strong enough support, so the chart can break it eventually. But to be on the safe side, I'll close my deal at the level of 1.0970. (I'm opening a sell at the level of 1.1035 with a stop-loss at 1.1050)

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              • #8
                The EUR/USD has just made the pivot. Now it's perfect time to open a long-term sell.

                Comment


                • #9
                  It's time to open a buy right now. I'm going to open the deal at the level of 1.1275 with target at 1.1540. I think the pivot will be somewhere about this level.


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                  • #10
                    Forgot to tell, I'm not going to set a stop-loss in this market, cause Fresh now offers their clients free sms notifications. So, I'm gonna test it to monitor my balance no matter where I am and refill if necessary. I think it's much better way to avoid losses.

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                    • #11
                      The EUR/USD just made a pivot and now seems to be going down again. I'm going to open a short-term sell, because I think the support is too strong to be broken.

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                      • #12
                        The EUR/USD is now testing the resistance, and it seems to be too strong to be broken, so I believe there will be a pivot very soon, so I'm preparing to open a sell.

                        Comment


                        • #13
                          LOL 1.37 hahahahahah

                          Comment


                          • #14
                            Originally posted by Nick View Post
                            I personally think EURUSD will continue to be range bound unless something fundamentally changes as a result of conflicts in Russia or even Israel. Therefor I'd expect it to move back towards the 1.37 mark over the next few weeks.
                            How's that working for you?

                            Comment


                            • #15
                              Originally posted by BearishBull View Post
                              How's that working for you?
                              That was a year ago....

                              I'm not sure what your game is here, but if you want to be part of the community you're going about it the wrong way.

                              This is your final warning.
                              Would you like free lifetime access to our forex trading room?

                              Open an account at Blueberry Markets and save the $97/monthly fee.

                              Click here to find out more.

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