First FX chart.
Seeing what I can take from a technical aspect from crypto over to FX, trying and apply textbook knowledge correctly.
EUR/USD Long Opportunity
Given the way the price action is stuck in a channel travelling upwards and we are getting towards the bottom, after a bearish divergence on the RSI- there is a chance for a strong move upwards through the current resistance trend line back to the top of the channel to extend to the 1.618. The current wave pattern is a corrective wave on a smaller time scale, which projects us to go above the wedge/channel lines, meaning some more buying action could come on the confirmation of the breakout.
Overall bullish still. Risk/reward of 3.7-3.8 range.
If the small downwards channel confirms there are still opportunities for a reversal.
I love not having to take into account bitcoin 1.58% on every trade.
This is NOT a buy OR a sell signal. I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
Seeing what I can take from a technical aspect from crypto over to FX, trying and apply textbook knowledge correctly.
EUR/USD Long Opportunity
Given the way the price action is stuck in a channel travelling upwards and we are getting towards the bottom, after a bearish divergence on the RSI- there is a chance for a strong move upwards through the current resistance trend line back to the top of the channel to extend to the 1.618. The current wave pattern is a corrective wave on a smaller time scale, which projects us to go above the wedge/channel lines, meaning some more buying action could come on the confirmation of the breakout.
Overall bullish still. Risk/reward of 3.7-3.8 range.
If the small downwards channel confirms there are still opportunities for a reversal.
I love not having to take into account bitcoin 1.58% on every trade.
This is NOT a buy OR a sell signal. I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
Trade active:
First target hit on the FX chart, looks like there is substantial buying bolume to go through the flag line, uptrend will continue if this is the case and 1.275 will be the next target!
Comment:
Breaking the 100% retracement level of 1.254 will be a test- if rejection this will open up a short.
Comment:
Short opened at rejection. Looking for high 1.22 or low 1.23 as a low region before onwards movement in the channel.
Comment:
Bottom of the channel, potential place to put in, stop just outside the channel We expect to see some byuing action now.