Using Fibonacci ratios to manage your trades efficiently
by Sunil Mangwani
November 23, 10:00 GMT
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This is daily chart, with a Fibo containing all the monthly drop, from July’s maximum at 1.6038, to 1.2330 reached in October. The pair hit today 1.4190 50% of the mentioned rally, and began a come back; however the pair remains bullish here, and unless a break under 1.3900, the rally could extend to the upwards. The zone @ 1.4300 will be the one to consider for further rises in the longer term, to the zone close to 1.4610. Daily candle is far to close, still shows a probable downward move to follow, more if we consider the overbought state of the pair. For today and from actual price, consider 1.4000 as a first support, followed by 1.3950, and 1.3910. Resistances on the other hand will be at 1.4085, 1.4145 zone and finally the maximum at 1.4190.
A slow recovery here, the pair seems slightly bullish yet contained by a strong barrier zone between 1.5065/90. Only a confirmation above that values could send the pair to the upside with some strength, first, to 1.5210 and finally 1.5270. Only under 1.4960 the pair could return to 1.4910, followed by 1.4845, 1.4760 and finally the zone @ 1.4710/20. Unless we see some action during the American session, the pair could remain trapped in the range between 1.4845/1.5065, more than likely for today.
A side note: looking at 4 hours charts, we can see kind of a double floor, slightly bullish, and with the neck line @ 1.5265: a break above this point will be needed to confirm more interesting bullish movements in the pair, for the next couple of days.
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