ProShares UltraShort Euro (EUO) just became an interesting ETF to trade right now. Investors buy EUO to short Euro in respect to dollar. As EUO increases in price, it mean EURO is declining. Adam from MarketClub uses Fibonacci to determine a good entry point for EUO in his video. 61.8% rests at $22.59 and so anywhere around this level is a good entry point without too high of a risk. Are you considering to buy EUO this week?
However, I took a look at daily one year chart of EUO and draw a slightly different Fibonacci using high at $26.39 and low at $16.20 as seen below. In my analysis, the 61.8% retracement occurs at $20.09. If this is true, now is not the time to be buying EUO. Let’s see if EUO starts turning its direction and starts moving higher after $22.59 retracement or if EUO continues to decline towards $20 before turning its direction.
Fibonacci Retracement Levels:
23.6% @ 23.98516
38.2% @ 22.49742
50.0% @ 21.295
61.8% @ 20.09258
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