Looking At The EUR/USD Long Term, Could It Hit The 1.07 Zone?
The 5%ers' Blog > Trading Analysis
A Confluence of Supply and Fibonacci 38.2% is a Great Setup For Sell.
If we look at the H4 time frame chart we can see how the EUR/USD price broke out the demand from 01/08/2019.
The price crashes below 1.1000 which is the lowest since May 2017.
On the W1 Chart time frame chart, it seems the price keeps compressing down toward the demand below at 1.0700 zones.
The momentum for EUR/USD is bearish at all the time frames.
Last Friday, the price creates a new fresh supply above.
The supply also confluence with a Fibonacci 38.2% retracement of the recent downtrend.
It is a great price action set up for a sell position as a continuation trade.
I’ll wait for the price at the supply above to sell.
The final target for this sell position will be the demand below on the weekly chart.
This Technical analysis is relevant for the long term forex traders.
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