EURUSD is traded near recent low, It allowed to reduce risk and place stop loss to breakeven. It’s not completely excluded that in short-term perspective we will see price decline to nearest congestion of Fibonacci levels (1.3230 – 1.3220).
At H1 chart we see that local correctional level 38.2% had served as a resistance inside temporary Fibo-zone. In short-term perspective price can possibly test nearest congestion area of Fibonacci levels (1.3470 – 1.3460).
At H4 chart we have seen pullback from 50% retracement, that allowed to reduce risk and place stop to breakeven point. Possible target is located around upper congestion of Fibonacci levels at 0,9100 – 0,9095 area.
At H1 chart, we have seen that 50% retracement acted as support. Upper Fibo-congestion is confirmed by some local levels, that makes this congestion more validated as possible target area.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.