EURUSD has completed an AB=CD move towards the down side thus giving a bullish signal with an excellent risk to reward ratio.
The point 'D' impeccably lies on the weekly and daily support and resistance levels which should probably evidence the hard bounce back up in the following days.
First scenario being the stronger the support levels, the higher the bounce and hence we could see the price moving back up to .618 of leg 'CD' which also happens to lie beautifully on 'B', before we see the retest of the levels on 'D'.
In another scenario, we may actually see the price retrace just .382 of length of 'DB' only to bounce back up to continue with the trend. This scenario is technically backed by the confluence of the ratios .382 of 'DB' and .382 of 'CD'.....
It is a great time to go long on EURUSD with
First target at .382 of 'CD'
and
Second target at .618 of 'CD'...
The point 'D' impeccably lies on the weekly and daily support and resistance levels which should probably evidence the hard bounce back up in the following days.
First scenario being the stronger the support levels, the higher the bounce and hence we could see the price moving back up to .618 of leg 'CD' which also happens to lie beautifully on 'B', before we see the retest of the levels on 'D'.
In another scenario, we may actually see the price retrace just .382 of length of 'DB' only to bounce back up to continue with the trend. This scenario is technically backed by the confluence of the ratios .382 of 'DB' and .382 of 'CD'.....
It is a great time to go long on EURUSD with
First target at .382 of 'CD'
and
Second target at .618 of 'CD'...