kiross

Will the temporary bullish trend survive the bears?

FX:EURUSD   Euro Fx/U.S. Dollar
This chart is based on price data from 21th May, and is presented to you with a box size of 0.0002 and a 3-box reversal.

The resistance and support levels are based on the price data feeded to me from 21th May..

This idea is based on a short term view, and in the long run the trend is still bearish .

The idea is to watch how the up trend develops. It is important to take notice of the tripple top and the resistance at 1.09060 that must be broken in order for the upwards trend to continue. If the bullish trend may continue, the price can go all the way up to 1.10000 with a lot of refueling.

Most likely the temporary bullish trend will have a hard time overcoming all the resistance.

If the bullish temporary trend is breaking, the price will continue to fall down to 1.08620 and 1.08200.

I am neutral to the direction when i am posting this. My idea is as stated above to watch the bullish trend and see how it develops.
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