$EURUSD Commentry 04-11-2013
Monday, November 4, 2013
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Last week, price bounced off a major area of resistance on the daily time frame and this was followed by the formation of butterfly pattern. Currently, the EURUSD is sitting on a major area of support. We may experience some kind of retracement on this pair because, price is also bouncing off a daily trendline coupled with the fact that there is a confluence of the 38.2% of the fib retracement ratio and the daily area of support. My bias for this trade is to go to the 4H time frame and look out for a trade set up, then zoom up.
My recommendation: Buy the pair above 1.3470 , targets @1.3540 @1.3580 stop around 1.3420
Ayman khlifat on Twitter :
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Last week, price bounced off a major area of resistance on the daily time frame and this was followed by the formation of butterfly pattern. Currently, the EURUSD is sitting on a major area of support. We may experience some kind of retracement on this pair because, price is also bouncing off a daily trendline coupled with the fact that there is a confluence of the 38.2% of the fib retracement ratio and the daily area of support. My bias for this trade is to go to the 4H time frame and look out for a trade set up, then zoom up.
My recommendation: Buy the pair above 1.3470 , targets @1.3540 @1.3580 stop around 1.3420
Ayman khlifat on Twitter :
