Fib Retracement Setups on #EURUSD

Forexanalysts

Trader
Feb 27, 2020
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Fib fans huddle up! Today we’re looking at EUR/USD‘s retracement after an extended downswing Check it out!
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EUR/USD has taken a breather from its 300-pip downswing and is now about 200 pips from its February lows.

EURUSD11.png

What makes the retracement interesting today is that the pair is fast approaching significant Fib levels on the 1-hour time frame. 1.0950, for example, sits near the 50% Fib and is between the 100 and 200 SMAs. The 1.1000 handle, on the other hand, is just above the 61.8% Fib retracement and the 200 SMA.
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At which level will the bears attack? The upside momentum hasn’t shown signs of weakening just yet, so you still have time to whip up a trading plan if you’re planning on trading this one.
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Shorting at the first signs of selling pressure would get you decent pips especially if you aim for the 1.0750 February lows.
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Feel like buying the euro instead? You can also buy at current levels and bail at the first signs of bearish momentum. Just remember to consider EUR/USD’s volatility in placing your stops and profit targets!