Daily
4HR
1HR
The EUR/USD has retraced from the highs for the past week mainly due to the strong rally in the US Dollar. The reason for the strong rally in US Dollar can be read from here.
Currently, the EUR/USD is being support at the 50% daily Fibonacci retracement level and the 78.6% 4hr Fibonacci retracement level. In addition, it have also reached the 61.8% 4hr Fibonacci projection level. A clear reversal signal will valid a long on this pair.
Should it go trend lower, the range of between 1.30 - 1.3055 (the light blue region) should be able to hold it from falling further where the 61.8% daily Fibonacci retracement level and the 61.8% 4hr Fibonacci projection level is located as well.
If EUR/USD is able to rebound from the support areas mentioned above, there is a good possibility that it might at least head towards the 1.35 level or higher.
To increase the probability of trading this pair and for those who believe in Harmonics trading, there is a Cypher Bull pattern (shown below) formed and have already hit the entry level.
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I did not have enough time to analyze the other Forex Majors pairs and will try to do so during the next weekends. Stay tune to my blog for any potential trade updates which I might post throughout the upcoming trading week.
Lastly, do note that all analysis are my personal views and opinions. If you would like to trade, please consult your authorized brokers and use all available analysis at your own discretion.
Good luck in the upcoming week in your trading. :)
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