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I agree with FT about the fad . A confluence is stronger than a single level and theres fib levels at every tick depending on the timeframe and levels used to anchor your fib tool . The point of my comment may have been missed here . My point was that anticipating a reversal could keep you from entering a good trade in the direction things are already heading .
Friday we had BO above 3820. This is now support.
There is also the trendline.
If we go below that level both could be broken.
We had this morning a test of 3820 which could be a classical BPC (breakout pullback continuation) setup with resistance at 3885, 3928, 4000, ....
The second is my favorite. But Monday mornings, like Friday afternoons >> handle with care.
The important Fibonacci Zone at 1.3894 has not been broken so far.
Asian session:
Price has slightly retraced to value and approached Friday's TWAP. The strong Fibonacci support line at 1.3831 held up the movement and price stayed above that line until the London open. This is a typical scenario for the Asian session. There are a few exceptions on Monday mornings, as the news of the weekend may drive price into a trending move during the first hours.
European session:
Price opened near the support and then moved up again to test Friday's high. During the mid-morning there was a failed breakout above the multi-year Fibonacci resistance. If we have a look at the 240-minute chart, we see a potential 2B short setup. The 2B-setup requires that price breaks through the lower end of the auction range. The impressive reversal bar has already been validated as price moved below its low.
As far as I can see now, there is an excellent reward-to-risk ratio for a short setup in the $EURUSD. However, my daily trendfilter is still clearly bullish.