Double Fibonacci confluence at 1.2150 area on EURUSD
The relentless march of the EURO continues and shows no sign of relenting. Eventually SELLERS must enter this market if only to relieve topside overbought conditions
(W1 (79.2) D1(71.2) H4 (81.5) H1 (86.9) and M30 (91.0) M15 (82.1)
A reversal is coming but where will it happen?
A possible target is the double 50.0 Fibonacci between 1,2131 and 1.2164. These are the Fibs of the last high and last low and the Monthly high at 1.6037 and low at .8225.
There is noticeable previous resistance in this area and it looks likely that the price will target this area.
So watch out for 1.2150 area if EUR/USD makes it that far.
(W1 (79.2) D1(71.2) H4 (81.5) H1 (86.9) and M30 (91.0) M15 (82.1)
A reversal is coming but where will it happen?
A possible target is the double 50.0 Fibonacci between 1,2131 and 1.2164. These are the Fibs of the last high and last low and the Monthly high at 1.6037 and low at .8225.
There is noticeable previous resistance in this area and it looks likely that the price will target this area.
So watch out for 1.2150 area if EUR/USD makes it that far.