FX:EURUSD   Euro / U.S. Dollar
927 16 16
I find it quite useful to draw trend lines on a longer look back period RSI .On a longer period RSI such as I have here it's a good idea to have 2 other oversold / overbought lines, 65 & 35.You can see here that the Euro             last topped at and near 2 trend lines ,at the same time the RSI was close to the 65 level, also note the negative divergence between RSI point 1 & 2. Euro             began to turn down at point A and 3 RSI supports were broken. EurUsd             is now at a pivot and trend line support, near term upside target is 1.37.Failure to hold here could see the Euro             fall to 1.32 level near term.
......EU is still long term bearish & price below short term 5ema on monthly frame---daily frame shows last shorting opportunity with trend. On daily frame we have positive Trix momentum and bullish candle action ...likely price moves up to about middle of red averages short term
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Agreed, waiting for a clear shorting opportunity here.
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....middle of reds hit
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....currently below KEY trend line
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:)
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....support lines update
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...no sign of a revesal on monthly and weekly frame, current candle action suggests further downside
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Not yet. There appears to be some more room to the downside still. Might last End of Jan/early Feb. The counts might extend but for now it seems OK
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...thanks for your input Dan.
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yw
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