EURUSD Weekly Anticipation

29 de abr. de 2016

EU has been in consolidation for quite some time, staying between two specific support/resistance zones. Recently, it started creating higher lows and eventually higher highs. I utilized the fibonacci retracement tool from the swing high to the swing low plus the fibonacci extension tool and found out that the market is hitting the 127 level consistently when shifting the extension levels from each new low to new high. With that being said, once we found the distance between the first low to high and the first high to low, it's determined that the pair will test the resistance again, potentially break structure, re-test, and break out for full bullish activity. There's a chance it could test the zone and reverse once again. If it does, watch for a potential break of the trend line.