EUR USD Buy Set Up Supported By 4 Confluences
The white box displays the 'buy zone' where a long position is supported by 4 confluences, the 50-61.8% fib levels, the 1.17000 psychological level, weekly support at 1.17184 and immediate prior consolidation from 1-2 weeks ago.
This 'buy zone' is invalid if price surpasses 1.19161 as it will have broken out above prior consolidation and is not likely to return to the 'buy zone', in this instance an immediate buy at market level will be placed.
Reasons for not selling at time are that price is faces 4 confluences to break lower and is currently trading into historic consolidation. These factors in my opinion make a buy trade more probable of delivering profit in the long run.
Buy bias is invalidated if price breaks below previous consolidation and the 61.8% fib level at 1.6531 at which point a sell position at market will be taken.
This 'buy zone' is invalid if price surpasses 1.19161 as it will have broken out above prior consolidation and is not likely to return to the 'buy zone', in this instance an immediate buy at market level will be placed.
Reasons for not selling at time are that price is faces 4 confluences to break lower and is currently trading into historic consolidation. These factors in my opinion make a buy trade more probable of delivering profit in the long run.
Buy bias is invalidated if price breaks below previous consolidation and the 61.8% fib level at 1.6531 at which point a sell position at market will be taken.
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