EURUSD: Buying into support (swing trade opportunity)
Here we have another chart that appears to be forming a head and shoulder formation with a strong support level that absorbed the dip around 1.103
We could potentially see a another rally up from here, considering all these fibonacci ratios aligning together to create the cluster. Notice how the daily low missed the 78.6% retracements by a single tick. Crazy right!
Will this rally drive prices to a higher high? I think so. At least a retest of last weeks high should be expected. Price should not have closed above 78% abc with the bears in full control. Most people that missed the break are probably trying to sell short into the head and shoulders formation that appears to be forming while the strong support is most likely going to absorb all these sell orders to create the new swing high!
We could potentially see a another rally up from here, considering all these fibonacci ratios aligning together to create the cluster. Notice how the daily low missed the 78.6% retracements by a single tick. Crazy right!
Will this rally drive prices to a higher high? I think so. At least a retest of last weeks high should be expected. Price should not have closed above 78% abc with the bears in full control. Most people that missed the break are probably trying to sell short into the head and shoulders formation that appears to be forming while the strong support is most likely going to absorb all these sell orders to create the new swing high!
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Looking to get filled around 1.117 at last weeks highs.. Lets see what happens from there if it plays out as expected.
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Here you can see how I calculated the cluster
