Targets EURUSD (if you go or stay long)

May 15, 2017

EURUSD = If the price breaks the resistance between 1.10 and 1.10230, may could expand to fibo ext levels 50% and 61.8%. This fibo levels match with confluence points (blue lines crosses in 1.1070 and 1.1120), causes a price block for reaching next levels. Also, matches with the top line of the ascending channel, being able to find a strong sell interest. But, if the price is rejected in 1.10 and 1.10230 zone, the downside movement to the bottom of channel will be start and fill the gap.

May 16, 2017

Note

Pay attention on fundamentals on this tuesday! German ZEW survey ,the EU Trade Balance and Q1 preliminary GDP. If have a considerable impact, may define the trend of price.

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May 16, 2017

Note

The first Target has been reached! Pay attention the reactions and formations of bearish candlestick patterns! Look intraday timeframes such as 1 hour and 15 min if you prefer to close the trade on 1st target.

On other way, if the price progress movement continue, a breakout on the top line of ascending channel, to reach other levels, will be seen. An absense of US fundamentals favors the scenario. So, a retrace on fibo 0.382 may be expected or a pullback on the top of line the ascending channel, then the move continues.

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May 16, 2017

Note

The top line of the channel has been broke and the price goes to reach the 61.8 fibo extension. At this level may probably seen some sell interest or profits. So, if this happens, the price may move to a downard movement to retrace or a pullback test on top line of the channel. The retracement probably reach the 0.382, 50% or 0.618.

On other way, if price breaks the 61.8% (remeber at this point at confluence, we can see many touches on S&R's inthe past), the next movement is to probably reach the 100% fibo extension and the 1.13 (this price is the spike on 2016/11/09).



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May 17, 2017

Note

The price reach the 0.618 fibo ext. So, may will see a correction on 1 hour time frame to 0.382 as we see on the snapshot. If the price breakdown this level, watch for bullish candlestick patterns on next levels. A test on top of the ascending channel is possible, but weak possibility for that.



Thanks for all views!