tradersvision

Defined consolidation area

Long
FX:EURUSD   Euro / U.S. Dollar
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1
Waiting for a breakout of this defined area might pay off soon. Clear resistance overhead where the price failed 3x already. Will it be able to resist a 4th attack and a push to the upside? The near term downside potential is also clearly defined by this "triangle type kind" of range. I labeled the uptrendline with no.2 and the returnline with no. 1. Well, if no.1 is broken again, I favor the downside until line no.2. Should this one fail too there is the last line of defense on this dotted trendline no.3. Nevertheless, the uptrend line no.2 should hold as it is a confirmed trendline from the start of the trend at the end of august. Longs with minimal risk should be in the market above resistance and on the touch of line no.2.

Comments

Agreed.
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