Initial HOD and initial LOD seen in EURUSD M15

20181206 13:35 Initial High Of the Day (iHOD) and initial Low Of the Day (iLOD) are seen in EURUSD M15 chart. The price has closed below the iLOD showing possible movement downward to the lower white line for Day's Open - ADR/2 or the lower green line for yesterday's low where the W-formation might occurred. The distance between iLOD and the lower white line is about 30 pips. Therefore at least 20 pips profit could be obtained from a short position.

Trade closed: target reached:

The target of +20 pips below the iLOD of 1.13410 has been reached at 20181206 15:00 with a low of that bar of 1.13210.

Comment:

The level 1.13210 had become the Low Of the Day (
LOD). It had also become the first leg of the W-formation which was formed around the CC59 support line at 1.1329. After the completion of this W-formation, the price headed up toward the upper white or green lines to possibly make an M-formation.

Comment:

The levels of upper white and then upper green lines have been reached.