EURUSD 4 hour setup:
- Here we can see price found support around the 1.0460 mark and rallied until finding resistance at the 61.8 fib level
- Price has failed to hold above the 4 hour 200MA
-Triple top off the 61.8 Fibonacci level
- Price is now approaching the counter trend line and I will be looking for a short entry after a break and retest
- Targets will be back down to the yearly lows followed by the -27 fib extension
HOWEVER price may bounce from this trend line and go long so a break retest is needed for entry
- Here we can see price found support around the 1.0460 mark and rallied until finding resistance at the 61.8 fib level
- Price has failed to hold above the 4 hour 200MA
-Triple top off the 61.8 Fibonacci level
- Price is now approaching the counter trend line and I will be looking for a short entry after a break and retest
- Targets will be back down to the yearly lows followed by the -27 fib extension
HOWEVER price may bounce from this trend line and go long so a break retest is needed for entry