Tag Archives: fibonacci

EUR/USD: long closed with profit

The EURUSD correction bounced from the 50% fibo level of the prior upleg. I entered long at Bar1 on the breakout pullback from the bullflag. CLosed the long with 56pips profit at Bar2 after a bearish pin. Still looking for long setups.


EUR/USD: testing key support

I entered two shorts on the DAX. I sold 1 lot Bar1 on the pullback into the bearish gap but closed the short at Bar2 at break even as there was no sign of follow through selling. I re-entered the short at Bar3 on a small bearish pin bar as the index rejected the upside at the session high. I took profit at my initial target near the morning’s low. Nonetheless after some sideways price action the index extended its downside so I have missed the bulk of the price movement. Profitable day but another missed opportunity.

EUR/USD: testing key support

The current support on EURUSD seems to be a key level due to the confluence of the followings:

1. Feb-7 swing low
2. 38.2 fibo retracement of the 1.2875-1.3861 upleg
3. 61.8 fibo retracement of the 1.3245-1.3861 upleg

If this level support fails it will open downside to test the 1.3245 level as next objective. We need to see a firm lower low for a bearish trend otherwise the current price action remains indecisive.

EUR/USD: testing support range

The EURUSD is testing a confluence of supports: 38.2% fibonacci retracement, major swing high and prior swing low. A measured move form yesterday’s top would violate this support range, look for downside failue with bullish reversal signal there.

EUR: risk to the dowside

Last Friday the EUR broke the short term bullish tendline against the Dollar and the Swiss franc as well.

On the EURCHF a firm break below the 1.2820 level would confirm the bearish 1-2-3 reversal on the 4h chart with first target at 1.2727 then possible extension to retest the  1.2400 lows. On the daily chart the recent upside seems to be a correction with further room to the upside (in case the 4h reversal fails) without violating the 1d downtrend.

The 4h trendline break on the EURUSD chart was not retested yet, however on the downside the next significant level is the 38.2% fibonacci retracement of the Jna.10-27 upmove.


USD/CHF: breakout pullback

After a failed attempt yesterday the USDCHF broke above it’s prior high at 0.9708 with a pullback following a channel line overshoot on the 30m timeframe. The rising 30m trend channel indicates the bullish bias prior to the breakout. The 61.8% fibo resistance is still yet to break therefore I debate with myself wether to enter long at the 0.9725 or wait for a deeper correction. We are too far from the EMA50 therefore I think I stand aside for now.

USD/CHF: short entry

I entered short USDCHF in late
European trading session on a sharp pullback to the 50% fibo level.
The strong bullish momentum makes this trade risky therefore I use
a tight 30 pips stop. Even if there will be a successful bullish
trend break on the 4h timeframe I expect a pullback to retest the
breakout level.