DislikedLooking at 4H chart, 2240 is 50% retrace from the low on Jul24th to high on the 7th. It also lines up with a trendline for this period. I see your 2150 level as being the retest of the last swing low.
Either way, its a good short!Ignored
Nice post. You are correct 1.22400 is a 50% retracement and 1.21500 is the last major swing low.
However, if you look at the daily chart you will see why I am interested in 1.21500. Because that is the current bottom of a large downtrendchannel that the EURUSD has been inside for the last 6 months.
I am looking for price action to reach that level and then I will watch closely for a break or a bounce. A bounce makes me look back to the channel top at 1.24800 and a break below makes me look to the weekly downchannel bottom at 1.18300.
Either way....good post!