Eurusd is still moving up
Eurusd is rising lately so today was a good day to hunt for long position with Fibonacci trading. There was one problem. On 4-hour chart eurusd was still below 200 simple moving average, which stopped the move up few hours before. So you had to be aware of this area and possible resistance.
On the other hand movement up was strong, so I decided to watch for opportunity on lower time frame.
On 1-hour chart there was clearer situation (I traded it on 15min chart, but 1hour is good to show the whole situation). There was only one problem with drawing Fibonacci retracement. The tricky part was to chose the right low. This one is not obvious at first, but this was a correction below 200 sma.
After move up to 1.2984, correction move went down to 50% retracement. Then reentry and close at 127% extension. Fast and simple.