Analytics: D - RSI divergence (down) - Broke RSI uptrend line - Volume decreasing on buying - MACD crossover into downtrend - Wed, Fed Interest Rate hike decision (a hike should increase USD value)
H - Broke support line and retested (but weak RSI retest and broke back across support line) - RSI divergence to retest line with 50 RSI - Volume decreasing on buying - Broke downtrend line, expecting retest lower
Concerns: H - RSI divergence (up) - MACD strong uptrend but showing signs of reversal (Histogram decreasing) - Possible wait for price to meet EMA 50 (grey line)
Target: 1) 1.1140 (daily uptrend line) 2) 1.1109 (next support line) 3) 1.1000 (next support line)
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Stop-loss:
1) above support line (1.1205) 2) above EMA 50 3) above last lower-high (1.1214)
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Concerns (2): - [H] Price in possible pennant shape
Order cancelled
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Price is in a pennant and sellers havent taken over price from support line. Wait to see reaction at support line for decision. Suspect it will be a buy.
Comments
pipinsight
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Well that was a marvellous first day... I took a buy position to pivot line and now in a sell. Expecting another drop with RSI divergence between reversing back up. I suspect on the back of the ZEW report tomorrow at 10:00 GMT