Last Week I did mention about 2790 that really need to be test as a sight of bullish sentiment. We pretty much touch that to the pip late in the session.The Eur bull looking for recovery and there might be a sell a bit before London open and NY will try to do something different.
Bull sentiment validation keys are on the H1 and H4. The close above 2790 frequently will confirm the trend change.A failure to close above 2790, will bring her to 2720/2735 that a good resistance before FB IPO news, last friday.
Identifying Retracements on EURUSD
A popular way to identify retracements is to use Fibonacci levels.
For the most part, price retracements hang around the 38.2%, 50.0% and 61.8% Fibonacci retracement levels before continuing the overall trend.
If price goes beyond these levels, it may signal that a reversal is happening. Notice how we didn't say will. As you may have figured out by now, technical analysis isn't an exact science, which means nothing certain... especially in forex markets.
A popular way to identify retracements is to use Fibonacci levels.
For the most part, price retracements hang around the 38.2%, 50.0% and 61.8% Fibonacci retracement levels before continuing the overall trend.
If price goes beyond these levels, it may signal that a reversal is happening. Notice how we didn't say will. As you may have figured out by now, technical analysis isn't an exact science, which means nothing certain... especially in forex markets.
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