Had a nice 200 pips run down from my previous analysis. The two fib levels from the previous idea also aligns with the 0.382 retracement on this current chart.
I do not see any trades for now so I will wait for market to enter my area of interests.
The market retraced to 0.5 level around the end of March and stalled for a bit there. And then it headed to the 0.38 fib level and now it went back up to the 0.5 level. If the 0.38 level cannot hold, I believe we might see the market go down to the next yellow box which is 105.xx level.
If 0.38 can hold well then it will become a strong support level which will be very tough to break.
Happy Trading Everyone! Hope this analysis is of use in your trading process.
I do not see any trades for now so I will wait for market to enter my area of interests.
The market retraced to 0.5 level around the end of March and stalled for a bit there. And then it headed to the 0.38 fib level and now it went back up to the 0.5 level. If the 0.38 level cannot hold, I believe we might see the market go down to the next yellow box which is 105.xx level.
If 0.38 can hold well then it will become a strong support level which will be very tough to break.
Happy Trading Everyone! Hope this analysis is of use in your trading process.
Commentaire:
Seems like the 0.38 level held its ground. This area will be my area of interest for future trades. It has now become a demand zone.
