From the H4 chart, 1.2275 is the 38.2% Fibo.Retr. Level (Recent high 1.2417 to 1.2045 low), and it may serve as a good entry level for Buying (Long) the currency pair after PULL BACK.You may also use the 20 EMA for another guide for Entry (Near 1.2320)
From the Daily chart, YOU too can see that the price action which is in the Rising Trend line may move up toward the 1.2550 (The 38.2% Fibo Retr level, From High 1.3660 to Low 1.1876) IN the next few trading sessions. Technicals demonstrate that the currency pair EURO/USD is currently Bullish with bullish divergence
Strategy:
Buy on PULL BACK near 1.2300--1.2320
Target: 1.2550.
DAILY CHART
H4 CHART
H1 CHART WITH GUPPY LINES
HAPPY TRADING
Jim rogers has bought some euro recently although he thinks that the euro will break up in 10-15 years time..
ReplyDeleteshort term wise since the euro has been beaten down so badly, there ought to be a rebound rally.
Hi, CK,
ReplyDeleteThe Mid/Long term view on Euro is still unchanged---it remains Bearish against all its currency crosses.
Yes, you are right this rebound is long overdue due to its oversold positions,. However, the rebound may not last and its reversal to its bearish downtrend may resume soon.
Thanks