I'm just presenting this for interest's sake. We're getting mixed signals on the euro as far as I can see. The Pitchfork certainly suggests a continued uptrend. There's a bullish setup in the MACD. All of this seems to argue against any down trend . Nor is the possible completion of the EW ABC correction being confirmed by the MACD. So I guess we wait and watch a little more.
Comments
pradafx
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EU slowly moving to the North side. Expecting big move soon
dojitrader
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My apologies ! Once and a while I do throw out some questionable comments BUT I'm not that familiar
with the rules of Andrews Pitchfork and meant to ask an honest/curious question.
dojitrader
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Given your wave count I'm assuming you mean upward tend toward the middle line ?
Is it true that once, the middle, support or resistance, is broken it acts resistance/support ?
fxgraffiti
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Thanks for your comment even if there's a little mockery in there ;)
isomorph
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did you consider that the so-called 'bullish setup' on MACD could just resolve itself into a lower hill as the signal line gets crossed again to the downside heralding another short slide? from V to C looks like a bearish flag, e/u taking a breather before the next leg down.
fxgraffiti
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Yes, I did consider it as price appears to have been turned back at the Fib. I've really only been taking an interest in this analysis stuff since early summer, so my feel for the market is fairly undeveloped. Thanks for your comment- helpful actually.