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The following 2 users say Thank You to Big Mike for this post:
I agree with FT about the fad . A confluence is stronger than a single level and theres fib levels at every tick depending on the timeframe and levels used to anchor your fib tool . The point of my comment may have been missed here . My point was that anticipating a reversal could keep you from entering a good trade in the direction things are already heading .
The following 3 users say Thank You to Eric j for this post:
The important Fibonacci Zone at 1.3894 has not been broken so far.
Price has slightly retraced to value and approached Friday's TWAP. The strong Fibonacci support line at 1.3831 held up the movement and price stayed above that line until the London open. This is a typical scenario for the Asian session. There are a few exceptions on Monday mornings, as the news of the weekend may drive price into a trending move during the first hours.
Price opened near the support and then moved up again to test Friday's high. During the mid-morning there was a failed breakout above the multi-year Fibonacci resistance. If we have a look at the 240-minute chart, we see a potential 2B short setup. The 2B-setup requires that price breaks through the lower end of the auction range. The impressive reversal bar has already been validated as price moved below its low.
As far as I can see now, there is an excellent reward-to-risk ratio for a short setup in the $EURUSD. However, my daily trendfilter is still clearly bullish.
The following 2 users say Thank You to Fat Tails for this post: