Last week this pair reached the lowest point since the end of the third quarter of 2016.In the analysis presented today I have used not only Fibonacci Sequence, but also my favorite indicators (regarding my indicators I will create a special post!). The first indicator used is Williams Alligator which consists on 3 moving averages but on three different sequences in order to analyze better the movement of the pair. As it is seen in the chart, all three MA are about to take an upward trend. If they cut each other they represent a buy signal in the market. The second indicator is represented by Bollinger Bands. As it is seen in the graph, the lowest border (yellow line) was cut by the candles, something that normally indicates a long position soon to occur.
Additionally one support and one resistance lines are added in the graph. After putting also the Fibonacci Sequence it is seen they they consist on each other.
To sum up, I think this pair will start an upward trend and will follow it rigorously.
Good Entry Points: From 1.194 (the peak of the last candle) - 1.200 (a point to be reached shortly) - 1.220 or 1.23412 which consists on the 0.618 Fibonacci and is also the resistance line.
Stop Loss Points: 1.700 (in case the pair starts a little downward trend even though it is unlikely) -1.7150 (the lowest points) - 1.200 (depending on the length of the order)
Take Profit Points: Starting from 1.200 - 1.2200 - or even 1.300 depending of the risk appetite and the faith put by you on the trade because I think the trend is a good long temporarily.
Additionally one support and one resistance lines are added in the graph. After putting also the Fibonacci Sequence it is seen they they consist on each other.
To sum up, I think this pair will start an upward trend and will follow it rigorously.
Good Entry Points: From 1.194 (the peak of the last candle) - 1.200 (a point to be reached shortly) - 1.220 or 1.23412 which consists on the 0.618 Fibonacci and is also the resistance line.
Stop Loss Points: 1.700 (in case the pair starts a little downward trend even though it is unlikely) -1.7150 (the lowest points) - 1.200 (depending on the length of the order)
Take Profit Points: Starting from 1.200 - 1.2200 - or even 1.300 depending of the risk appetite and the faith put by you on the trade because I think the trend is a good long temporarily.