-EURUSD HAS BEEN STUCK IN A RANGE FOR QUITE SOME TIME NOW. -YOU CAN SEE FROM MY ANALYSIS THAT 1.1500 HAS BEEN A MASSIVE AREA OF MONTHLY RESISTANCE -1.0500 HAS BEEN A MASSIVE AREA OF SUPPORT. -ITS IMPORTANT TO ME TO FIND THE "MONTHLY RANGE" AS YOU KNOW HOW TO DESCRIBE THE PAIR WERE YOU CAN SEE WHERE PRICE IS IN RELATION TO THE HIGHER AND LOWER PARTS OF THE RANGE. THIS MAKES IT EASY TO SEE IF A PAIR IS BULLISH BEARISH ETC. -SO WE KNOW THERE ARE HEAVY SELLERS AROUND THAT AREA SO THIS IS WHY I HAVE 2 TARGETS, ONE CORRESPONDS WITH OUR MONTLY KEY AREA OF RESISTANCE (1.1500) AND ONE IS OUR FIB D EXTENSION LEVEL (1.1640) -DAILY CHART ON THE LEFT YOU CAN SEE WE HAVE ABC AND LOOKING TO MAKE D FIB EXTENSION -0.5 FIB LEVEL HELD AS GREAT SUPPORT -PLUS BOUNCE OF THE TRENDLINE CLOSEST 0.5 FIB -AND A BREAK OF AND RETEST OF THE COUNTER TRENDLINE AS YOU CAN SEE ON THE 4H CHART ON THE RIGHT. -I ENTERED MY FIRST LONG AT THE 4 REJECTION OF THE TRENDLINE ON THE 4H CHART AT THE FIB 0.5 LEVEL AND IVE ADDED TO THE LONG AT THE CLOSE ABOVE THE COUNTER TRENDLINE AS IT WAS A HUGE DAILY BULLISH ENGULFING. -TYPICALLY WE SAW A RETEST OF THE COUNTER TRENDLINE AND NOW HEADING NORTH. -STRONG RISK REWARD
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WATCH OUT FOR ECB NEWS INCOMING SHORTLY........... TRADE SAFE
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If you haven't entered yet.....wait for a break or rejection from this counter trendline I've spotted on the daily.....
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The blue little circle is the next area of interest