I am currently watching these three charts for fibonacci breakouts to occur.Â Each has it’s own caviots to consider.Â I think that a breakout on the news should reach the target of either of these charts.Â At the moment they seem to be closer to breaking long.Â A break short will be just as interesting to me.
Since EURUSD is biased neutral in 4 hour, daily, and monthly time frames, and biased short in the weekly time frame, I will favor a short breakout at this point.Â This doesn’t mean that I will ignore a long breakout.Â It means that I may not enter a long with a full position.Â Price action is important.Â The long breakout level is 1.3727 with a target of 1.3761. The short breakout level is 1.3639 with a target of 1.3605.Â I usually place catastrophic stop losses at the opposite breakout level and consider this when determining lot size.
EURJPY is in a similar situation as EURUSD, however EURJPY is favored to the long side.Â The levels for it are long breakout at 124.53 with a target at 125.00 and 123.31 to the short side with a target at 122.84.
Though GBPUSD has some long bias at this time, considering a larger time frame price action, I will favor a short breakout at the 1.5019 level with an initial target at 1.4969 and secondary target at 1.4946.Â In this case I will not consider a long trade for now.Â I may change this if price action shows me differently.Â Make sure you read the disclaimer at the bottom of this page.Â These are not trade signals.Â If you trade them, it’s at your own risk.
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