This is just my analyse for today and until friday
Price is struggling in this zone to go higher or just break down. Actually I see this:
Price is struggling in this zone to go higher or just break down. Actually I see this:
- If price break the blue/teal trend line upward, euro will need to break also above the green box and hold above it to have a chance to go higher.
Looking to the indicators there is a chance to see the price retrace down and form a triple bottom before the next rise.
On the down side, if the price falls on top of the red box and at that time the indicators are suggesting more strength to continue lower, the price must break below the red box and hold below it to have a chance to go lower.
On different timeframes we can predict the completion of a bullish bat pattern which is already valid but will be really complete if the price drops to the top of the red box (0.886 fibo). A break inside the red box does not mean anything bearish except if the price struggles inside of this box + fall below the box and hold below it in the daily.
Something what the indicators does not tell is the global sentiment. Price can just suddenly continue to push up while actually there is not a real signal to expect on the indicators. We have already a double bottom so price can continue to go higher and higher before the first retracement. Then it will be possible to look for an entry based on indicators.
I should wait to see what happens first. If the price holds above the green box. Look for a good entry long.
If the price falls below the red box and holds below it. Look for a short. But with caution.
Comment:
I don't know if this will work out but I will not trade it because it will only hit in the box.
Comment:
So we hit inside of the green box and now we are making the retracement all the way down. There's a huge chance now to see the price retrace on top of the red box and maybe inside of it before the next rise. If this happens we will have completed the bullish bat pattern and if the indications are confirming we may have a real potential move up. But this will only be confirmed at the end of the day or at the end of tomorrow.