TradingView
pete002
Apr 13, 2015 5:39 AM

EURUSD at trendline support 

FX_IDC:EURUSD1M
EURO / U.S. DOLLARICE

Description

⋅
Interesting times for the EURUSD.
Here we are at trendline support [1985 - 2015 t/l]

The monthly chart shows us 9 consecutive months of bearish price action - will April be 10 mths ? - we are under trendline as of today.

Month is not over yet so there is a possibility for the April candle to close above the drawn trendline.

We also see a 0.7071 (sqrt of 0.5) bounce at trendline - will current price action repeat history ?

I will wait for the completion of the April candle with interest.
USD (US Dollar)
Comments
Piet.Hein
⋅
Amazing analysis!
pete002
⋅
May 01, 2015 update

Completion of April monthly candle shows reversal off trendline (and .7071 "level") hitting 61.8 retrace level @ 1.12032.
Price finished the month @ 1.12125 and by my read its a monthly bullish engulfing candle based on candle body.
pete002
⋅
Looking for further bullish action in EUR this month.
More