To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=trading_forex&ad=HiPaf41Go1g So, the key point that I’m trying to make. This 1.0525-level has been historical factual support. It’s a fact, and the fact is if it’s going to go lower, it needs to break through. It’s an imperative that it breaks through this significant barrier right around the 1.0525-level. Now, if it doesn’t, we might look for it to turn around and go back higher, so that’s something we need to be watching for as well. Any surge against the USD, sell off of the USD, or positive for the EUR, we would look for this to turn around and go back up and we would watch for clues and evidence of that. Like I said, since basically the beginning of February, that’s the top of the red trend line. We’re looking right on February 2nd, top of the red trend line. It has been moving lower. So, the current direction the market has been going since the beginning of February has been down. So, if we’re going to trade that direction, let’s go ahead and zoom it in one time. If we’re going to trade that direction, we’re going to continue to watch for that breakout below this significant barrier. Otherwise, potentially a rise back towards the purple-shaded area becomes our next resistance level that we would look for. So, a couple of things to think about for going short. Back at the purple zone or under the yellow zone. Now, again, like I said, if we’re looking for reversal, we look for it from this yellow-shaded area. Let’s take two separate Fibonacci retracement ranges, measurements. Let’s go from the bottom of the black trend line, low at the bottom of the black trend line, to the high of the red trend line, very top of the trend, so basically measuring that uptrend. By the way, .618 Fibonacci retracement level sits at 1.0526, so that is right there at the bottom of that yellow zone. So, again, Fibonacci tells us that if it breaks the yellow zone, it’s going lower. If it stays on top of the yellow zone and the .618 fib, we might look for a retracement higher. So, that’s a key point right there, 1.0525, with Fibonacci and now historical levels of support and resistance recognized within that yellow zone. I’m going to move this other little circle right here because that’s another area where we see support at the yellow zone and it will require a breakdown of that .618, 1.0525 for it go down towards at minimum the orange-shaded area. So, that’s kind of what we’re looking for in the direction of our current flow of the trend if you will. Let’s go ahead and take it on down to the four-hour timeframe. Doesn’t change any of that. Just gives us a little bit of a zoomed in view. Of course currently we are sitting inside that yellow zone. So, if you’re considering any buy scenario, this becomes a potential scenario. Buying on any evidence of reversal. I don’t think we have it. We don’t have any pin candle. We don’t have a hammer candle. We don’t have anything right now that tells us that there is buying pressure. It’s selling pressure all the time right now. So, nothing telling us that the buyers are even interested in this currency pair. Just a little hesitation in the yellow zone and above the .618 Fibonacci retracement level, so I think we need to be cautious about going long unless we get some information about a USD sell off, but at least right now I continue to watch for either reversal indicators from the yellow zone, the 1.0525 area, or a breakout and an opportunity to go short in the direction of the current momentum that the market has for the EURUSD. https://www.youtube.com/watch?v=HiPaf41Go1g Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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