Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

EURUSD technical analysis and trading plan #forexeducation #weeklyforexforecast #forex #shorts

6 Feb 2023 · 1 min

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Vladimir Ribakov analyzes EUR/USD using Fibonacci levels and volume profile, identifying a resistance zone between the 61% and 50% retracement levels. The price has moved from the lower Bollinger Band to the upper band and is now bouncing off the top, suggesting a potential reversal.

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50% Fibonacci retrace. Besides that, there is a massive resistance area here based on the volume profile. As you can see on this very cloud in between 61 to 50% Fibonacci, there is a massive cloud based on the volume profile. If you don't know what volume profile is, no worries, watch this video on the right top corner and you will understand it much, much better. So going to the Bollinger Bands, quick scan teaches us that from the lower Bollinger Band, the euro reacted straight move to the upper Bollinger Band, which usually brings the condition of up to 50% deviation of the whole movement, which happened here. And right now we are bouncing off that