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DE30/EUR 0.5 Fibo level Setup


The German benchmark index has been moving inside an ascending channel since the month of April. The last upward leg ended on May 19, when DE30/EUR made a high at 11,231. After that high, it has been creating a corrective pattern that created a double top. Today's action created three large bearish candles that broke the last low and pierced through the 50-period SMA in its 120-min chart. After that it has made a bounce that engulfed the two previous downward candlesticks, but its momentum is fading near the 0.5 Fibo level.

After a double top and a break of the previous double low, it is likely another leg down to test the recently made lows and continue further down towards its 200-period SMA and, even till the bottom of the channel. Thus, a new short-trade setup could be made which combines both target levels for an excellent reward/risk ratio. The idea is to place a limit-sell order at the 0.5 Fibo level with a target above the last market high, and two profit-taking targets: 10.825 and 10.590. The combined reward/ risk is 1.6

Main levels:

Limit Sell entry: 11,059

Invalidation level: 11,253

Profit target 1: 10.825

Profit target 2: 10,590

Reward/risk: 1.6 approx.

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Source: https://www.cryptorocket.com/news/de30-eur-0-5-fibo-level-setup/
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