atrader

EURUSD 240min on medium-term direction

FX:EURUSD   Euro / U.S. Dollar
382 3 1
9/1/14
The steeper uptrendline was broken last week and resulted in a medium term bearish outlook, dropping to 1.3575 followed by 1.3550.
From the chart, as seen in the circled area, price action above the flatter uptrend can show bullishness.
The closest main resistance is at 1.3680 and price action above it can deviate bearish expectations to bullish .

I'm currently bullish long term (unless important lows are broken) hence awaiting the bullish medium term signal.
24/1/14
expecting 1.3850 to be hit soon
Reply
15/1/14
The bears eventually gained control over the 1.3680 level, at least for now...! Todays/tomorrows short term price action could test the 1.3600-1.3580 region.
Reply
There is an ongoing bull-bear battle at the 1.3680 region with slight favour towards the bulls. The safe stoploss for going long will be 1.3550 but since a better reward/risk ratio is needed, awaiting for a good close above 1.3680 & the next point to test as shown in the chart should be 1.3800 where I'm expecting the bulls to take control & push it at least till 1.3850... If the highs of the shooting star on 27/12 are broken, will looking towards the 1.3950-1.4000 region. Though more bears will enter at 1.3800-1.3850...lets see!
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