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.
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!
.
EUR/USD has taken a breather from its 300-pip downswing and is now about 200 pips from its February lows.
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.
.
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.
.
Shorting at the first signs of selling pressure would get you decent pips especially if you aim for the 1.0750 February lows.
.
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!
