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While looking through major pairs this morning this one stood out more than any other. A nice retest of support turned resistance (1.2491). EMAs have crossed over, RSI in below 50, MACD fast in under lagging and Stochastic just about to cross also. There is a slight divergence on the RSI to the 1hr chart. This could be a sign of a trend reversal.
Great chance to get into EURGBP here.
10&20EMA cross over.
Price rejected the support/ trendline .
MACD cross over confirming bullish momentum.
Bullish engulfing candle off the resistance.
Stochastic and RSI above 50 with stochastic cross over.
10 and 20EMA cross confirming change of trend.
Doji followed by a bearish engulfing candle off the S&R.
MACD fast line below the slow line confirming bearish momentum.
I got in to this one before stochastic was oversold.
Going to follow price down with a SL just aove each recent swing high / low.
Got any ideas?
Let me know.
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AXP breaks the pennant with the chance to go up to $ 122.XX
EMA20 crossing 25, 30 and getting close to 35
Not in the chart:
- RSI14: 66.27 RSI21: 59.06
- %B: 1.14 maybe oversold for a while
This is not an investment advice of any type.
Silver has been regaining strong momentum
I attempted to label the waves as best as I could
Estimating we are in wave 3 of 5.
On the Daily chart:
Momentum pushing above Keltner Channels
10/20 EMA cross
RSI has crossed above 60
Using Fibonacci extension tool on wave 5
Pulling from Dec 7th as the start of wave 1
to $18.80 end of wave 1 and then...
We have a confirmation of the 50 EMA (Yellow) crossing under the 200 EMA (Blue), which confirm the bearish trend for the moment. We are stuck in a bear channel which is leading us down to the bottom of the ascending triangle support line. Watch out.
Looking at the current pattern that is forming I am looking for a retest of either the 20 ema or the 50 ema. The entry will depend on the candle pattern formation possible at either point. The Dollar index has also changed to a bearish market giving more credibility to the EUR/USD bullish trend.