Let's make a nice update after yesterday's dip on the EurUsd pair. First things first so I will star with a daily chart and my loving fibs :P
Where is the threat to this scenario? Well on the 4h chart and the support zone between 1.2165 and 1.2180:
Does it look the above formation familiar to you? Of course the price has to reach the support zone before and then the support zone should hold ... and some nice news coming out this week like US NFP report and so on ..
Ah .. and don't forget the weekly chart on UsdChf in this post!
Why am I short right now from 1.2285? First it's a 61.8 fib retrace of yesterday's dip and second: this level was a good SR intraday level for the last couple of days:
My target .. I hope I can leave the trade open to the next major support zone 1.2165 and 1.2180. Look what I found there: daily S1 and two fib extensions from the last two dips .. lucky me :P
So, the price got to do what the price got to do .. let's see.
Currently there is a fight above the daily CP and some pips below there is a minor SR intraday level @1.2255 (a today's key level for me .. / Asia session highs):
That's it. Happy pipin'!