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The above is an hourly chart of E/U. My short-term forecast is that E/U will retrace back to 1.0652-8. The blue fibo is drawn from the buying block at 7 cet, so just before London open. Notice how current price is respecting the fibo retracement levels on this block. The green line is an extrapolation towards the fibo retracements of the latest selling block, which happened at 14 cet, so at NA open. Price likes to retrace into the 50 - 100% retracement levels on a given block, in this case being 1.0651-8. Selling /buying block analysis strategies work well in ranging markets, not trending ones and there are a lot of other factors to be considered as not all of these blocks are legitimate.
The above is an hourly chart of E/U. My short-term forecast is that E/U will retrace back to 1.0652-8. The blue fibo is drawn from the buying block at 7 cet, so just before London open. Notice how current price is respecting the fibo retracement levels on this block. The green line is an extrapolation towards the fibo retracements of the latest selling block, which happened at 14 cet, so at NA open. Price likes to retrace into the 50 - 100% retracement levels on a given block, in this case being 1.0651-8. Selling /buying block analysis strategies work well in ranging markets, not trending ones and there are a lot of other factors to be considered as not all of these blocks are legitimate.
