EUR/USD hit 50% Fibonacci Retracement

EUR/USD Daily Chart - EUR/USD hit 50% Fibonacci Retracement of run down from X to A after forming a Bullish Butterfly Pattern & also a Bullish Engulfing Candlestick Pattern.  See Chart.  Happy Trading!

See Books for Details about Gartley/Butterfly Patterns & more.

Trade What You See, How to Profit from Pattern Recognition - Larry Pesavento & Leslie Jouflas.

Japanese Candlestick Charting Techniques - Steve Nison

Forex Trading Books

Recommended Reading for Forex Traders

• Trade What You See, How to Profit from Pattern Recognition - Larry Pesavento & Leslie Jouflas
• Harmonic Trading, Vols. 1 & 2 - Scott Carney
• Japanese Candlestick Charting Techniques, 2nd. ed. - Steve Nison
• Essentials of Trading: It's Not WHAT You Think It's HOW You Think, Larry Pesavento with Leslie Jouflas

EUR/USD – Monthly Chart, Fibonacci Profit Target Levels

EUR/USD - Monthly Chart

EUR/USD - Monthly Chart. This is a very long-term view. If you trade from this chart, you will have to be very, very patient. Manage your risk, as always.

EUR/USD move up. Daily Chart view.

EUR/USD has moved up quite a bit since yesterday. Here is the chart analysis I promised. Euro is hitting resistance around the 20-day EMA & the 38.2% Retracement of the move down from A to D. Long is still valid. Traders may want to take some profit here. Place stop at break-even and try for 50% and/or 61.8% Fib. Level(s).

EUR/USD Long - Update

Got out of EUR/USD intial Long trade around 1.2130.  Reduced # of contracts slightly, then got back in (Long) around 1.2111.  The recent COT data suggests that the big players are extremely long the euro.  Also, the Bullish Butterfly pattern identified a few weeks ago is still valid.  Monthly Chart still shows a Gartley pattern. Happy Trading!

EUR/USD Bullish Butterfly Pattern - 4-hr. & Daily Charts

Bullish Butterfly Pattern has formed on 4-hr. & Daily Charts.  Risk below 1.2162 (1.272 ext. of XA).  Profit Target Levels will have to be redrawn if price continues down.  Happy Trading!