Potential Short term reversal of EURUSD at Fibonacci retracement
I was interested in a recent analysis presented by AlexandreFXKG as I am trading this pair actively. This morning I spotted a nice continuation in the price as we expected. However, I am worried about the French Presidential election coming up this Sunday (first round only). I am wondering if there may be some large price moves due to thin markets ahead of this event. At the same time I noticed some buzz around the 61% Fibs voiced at a large UK bank. Tracing these fibs to the chart the price appears to be taking some resistance to this 61% retracement.
It could be an early warning that some larger institutions are preparing to book profits or similar at these levels. This is something I am weighing into my own trades. Overall I am actually medium term bullish for the Euro, but very short term (until Monday) I am neutral to bearish.
Personally I might sit this one out now until Monday to review, probably going long. I also expect the price action to remain within the channels, so if the price lowers within the channel, support indicates where I plan to place a future trade.
It could be an early warning that some larger institutions are preparing to book profits or similar at these levels. This is something I am weighing into my own trades. Overall I am actually medium term bullish for the Euro, but very short term (until Monday) I am neutral to bearish.
Personally I might sit this one out now until Monday to review, probably going long. I also expect the price action to remain within the channels, so if the price lowers within the channel, support indicates where I plan to place a future trade.
