Wednesday, July 3, 2013

EURUSD Analysis


On D1 timeframe, I have marked significant resistance and support area. Price moved from resistance to support indicating it's in downtrend. So look forward to short on any Fibonacci key areas with confluence with support (horizontal and trendline).


As you can see, signicant RBS(resistance become support) has formed (blue area). What I really look forward is that any candlestick reversal to form at the confluence of trendline, major support and Fibonacci ratio area of 61.8%.

If it does, I will set my SL 50pips and TP on Fibo 161.8% (confluence with support on D1)

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