EURUSD: Made a 1D Double Bottom. How did this trade in the past?
EURUSD made a Double Bottom at 1.09270 on the 1D chart following the ECB Rate Decision and mostly President Draghi's remarks on future easing. Technically the pair is still within the 1D July/ August Channel Down though close to the Lower High region (hence the neutral RSI = 48.658, MACD = -0.003, Highs/Lows = 0.0000 figures).
The focus of our study is to see what the price reaction was on the previous 1D Double Bottom events since the April 2018 fall commenced. More specifically, all of the 5 last Double Bottom events delivered an immediate rise. The lowest one was +1.25% and the highest +2.75% with an average value of +2.17%. Also on 4 occasions, the 1D MA50 (blue line) was touched.
Assuming that those 2 parameters need to be filled again, the +1.75/+2.17% region covers both (average rise and test of the 1D MA50).
The decision depends upon each trader's time frame and money management but we would strongly encourage to take this price behavior into consideration. The long term trend on EURUSD remains bearish and we continue to implement a "Sell on Every Rise" strategy.
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Comments and likes are greatly appreciated.
The focus of our study is to see what the price reaction was on the previous 1D Double Bottom events since the April 2018 fall commenced. More specifically, all of the 5 last Double Bottom events delivered an immediate rise. The lowest one was +1.25% and the highest +2.75% with an average value of +2.17%. Also on 4 occasions, the 1D MA50 (blue line) was touched.
Assuming that those 2 parameters need to be filled again, the +1.75/+2.17% region covers both (average rise and test of the 1D MA50).
The decision depends upon each trader's time frame and money management but we would strongly encourage to take this price behavior into consideration. The long term trend on EURUSD remains bearish and we continue to implement a "Sell on Every Rise" strategy.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial