EUR consolidation due for further downward trend continuation

19 Apr 2015

1) Strong and respected structure at the $1.08416 level. This has been respected 5 times as outlined in the green circles.

2) Using Fibonacci retracement tool from the $1.10329 to the $1.052 leg we can see a 0.382 confluence with fibonacci level which lies on the $1.08416 structure level and can see that is has been previously respected as well.

3) Using this structure line as an entry for a short position we can enter anywhere between $1.0775 (0.5 Fibonacci level) and the $1.08416 (0.382 Fibonacci level).

4) Stops should be placed around $1.09145 (0.236 Fib level) and take profits around $1.0387 (1.272 Fib level)