The market has been range bound for the past 4 months. despite the week euro at the moment the bulls have been protecting the 1.13 level and it continues to hold. With this pair, a range bound normally has an explosive break out.
Another way to look at range bound is that its merely a build up of positions. In order for the market to go up or down we need buyers and sellers and that's what produces liquidity in the market. We at a major support level an many people have placed their buy positions. although the big boys on this level has managed to hold of the selling pressure he hasn't been able to bounce the market past its previous high.
The previous leg shows a good number of bears have entered the market and we starting to fail. I can probably see a 50% or 32.8 retracement(1.13500 level) before this level breaks.
Take note of Fridays daily candle.
Looking at the H2 and H4 we see some opportunity to go in long should the market pull back a bit, but obviously is dependent on the price action around this level.
I'll update this idea if it will get 25 likes.
Comment your perspective on this chart. Do you think this level will break too?
Another way to look at range bound is that its merely a build up of positions. In order for the market to go up or down we need buyers and sellers and that's what produces liquidity in the market. We at a major support level an many people have placed their buy positions. although the big boys on this level has managed to hold of the selling pressure he hasn't been able to bounce the market past its previous high.
The previous leg shows a good number of bears have entered the market and we starting to fail. I can probably see a 50% or 32.8 retracement(1.13500 level) before this level breaks.
Take note of Fridays daily candle.
Looking at the H2 and H4 we see some opportunity to go in long should the market pull back a bit, but obviously is dependent on the price action around this level.
I'll update this idea if it will get 25 likes.
Comment your perspective on this chart. Do you think this level will break too?
Trade closed: target reached