- There were at least 4 different Fib levels based on various waves that converged on the 1.3435 to 1.3475 area.
- And something much less tangible -- it seems to have been a while since the Eurozone has really announced some really ugly news. Perhaps this weekend?
|$EURUSD daily chart as of 2/24/2012|
But I'd rather not miss a potential move, so I'm generally early to enter trades and am used to getting stopped out a few times before getting on board a big runner. Risking about 30-50 pips in order to get a few hundred pips is my general setup for forex swing trades.
Odds favor that I get stopped out above 1.3500, which is just the cost of doing business. But assuming this trade works, the initial target will be the 1.3100 area, with a final target around the 1.2800 level.