Following my Forex Market Breakdown Volume 5 youtube video, EUR/USD has played perfectly into our hands as outlined.
Price has fallen back into strong daily support between 1.29000 - 1.30000. On the above hourly time frame we can clearly see strong rejection to break below this level with perfect wick rejection which could, more or less, be market manipulation to stop hunt early long traders.
Look more clearly at this zone on the monthly time frame...potentially 6 strong wick rejections of this exact zone also coinciding with the previous broken lower high initiating a shift in the previous bearish trend in the long term.
Yes 1.14000 has previously been rejected as resistance but this only gives added fuel to my idea of a valid pullback to the downside to allow big players to obtain greater long entries.
The rest you will have to work out for yourselves... From here we have too potential long entry opportunities. Personally I would prefer price to retest 1.31000 before rallying to my first target of 1.136000 and then if successfully broken all the way up too 1.14000. However, price could also fail to retest 1.31000 and instead rally straight from here.
With all this in mind, it is important to take note of these two targets: 1.136000 & 1.14000.
Enjoy!
Price has fallen back into strong daily support between 1.29000 - 1.30000. On the above hourly time frame we can clearly see strong rejection to break below this level with perfect wick rejection which could, more or less, be market manipulation to stop hunt early long traders.
Look more clearly at this zone on the monthly time frame...potentially 6 strong wick rejections of this exact zone also coinciding with the previous broken lower high initiating a shift in the previous bearish trend in the long term.
Yes 1.14000 has previously been rejected as resistance but this only gives added fuel to my idea of a valid pullback to the downside to allow big players to obtain greater long entries.
The rest you will have to work out for yourselves... From here we have too potential long entry opportunities. Personally I would prefer price to retest 1.31000 before rallying to my first target of 1.136000 and then if successfully broken all the way up too 1.14000. However, price could also fail to retest 1.31000 and instead rally straight from here.
With all this in mind, it is important to take note of these two targets: 1.136000 & 1.14000.
Enjoy!