EURUSD Trade Setup

EURUSD Trade Setup

There was only one setup filled and profited from my analysis on Monday.

The EURUSD clearly found some bullish momentum after reacting from the 61.8% retrace level and which also is a Supply and Demand level dated back to late NOV 2013. I will provide a proper analysis on Monday, however I had quickly found a possible setup for today

EURGBP forecast Analysis and Trade Setup 23rd Jan, 2014

EURGBP forecast Analysis and Trade Setup 23rd Jan, 2014

Daily Chart

• We have broke major Support with a big Bearish day candle yesterday
• Clearly still in a downtrend
• Currently found expected support at the 127.2 extension / 161.8 extension
• We expect further push down slightly before a counter trend trade where a stronger support at the confluence levels of (as highlighted in blue box)
• Monthly PIVOT S2 
• 61.8% retrace from a big uptrend on a daily
• 200 fib ext of the most recent reverse retrace of the down trend (sorry i don't know the correct word for this)
• 141.4% fib ext of oct 29 to dec 02 down swing (fib level not shown on graph)
• 161.8 fib ext (old level, which was previous s/r

4hr Chart

• Clear down trend
• The 4 hour chart is a zoomed in scenario of my trade setup where we can identify smaller swings and calculate more accurately the fib ext levels for entry.

Hourly Chart

• Clear Down Trend
• On the hourly chart we are looking for a retrace of our broken support which now is resistance
• We can enter at the 161.8 fib ext and have stops above 200 fib ext - this is a trend trade

Outlook Trade opportunity

Two opportunity
1 is Trend Trade - see hourly chart
2nd trade is counter - see 4hr / daily chart

Risk Level LOW

Tips -

Always take note of any economical news event on our provided calender below