1. ABCD Fib Extension Complete
2. Daily Demand breached then small rally
3. Untested Supply Zone where price wants to retrace
4. AB=CD potential set up ( see www.harmonictrading.com)
5. Symetrical Triangle showing price consolidating before drop!
I am waiting for 1 hr PA in the RED Supply Zones to enter a SHORT trade!
Best area for RR shorting will be...
The EURUSD is looking very bullish now on the weekly as its RSI and Stochastics are turning up following oversold levels, while the MACD blue line is finally flattening. The first key upside target appears to be near 130, a psychologically important resistance level, which happens to coincide near the 5 month downchannel resistance. Longer term, I`m still...
Traders,
As we anticipated a 1-4 Line validation following the completion of the Wolfe Waves pattern above, price did fall as expected, but fell below the qualitative target at TG-Lo = 1.28377 - 05 SEP 2014. As we turned to the model for its "Worst-Case Scenario" (i.e.: the outer most bearish value considered), TG-x = 1.26696 - 13 SEP 2014 was defined as such...
Friends,
A recent Qual-Target defined a reversible level at 1.28377 (05 SEP 2014). However, closer scrutiny of the chart at the DAILY level reveals the presence of Bearish Wolfe Waves pattern ("WW"). If you recall from yesterday the dire impact that this WW can have on price action (see this free fall here as a mere visual example: ).
In this particular case,...
The EURUSD appears to be carving a triangle formation. It could be near completion now or after another down up sequence would finish the consolidation.
This is a small trade with a positive risk to reward ratio. A move above the c wave high suggests some other pattern is developing.
EURUSD 4h - Channel to the downside is still valid. Looks like we are going for one more downside move. If the downside pressure persist then 1.3350 is the next stop. An acceleration of the downside move could translate into price hitting the (sub) 1.33 level.
The slope is quite steep i.e. break of potential support levels could imply a steep move.
Let's first...
Many notable Banks, Fundamental & Technical Analysts have been calling EURUSD lower almost ever since it formed significant low in July 2012.
Many have been focusing on what looks like rising wedge which if correct then on completion it would implicate bearish action to at least price retracing to the beginning of the wedge.
According to many analyst this...
Friends,
Recently, the EZ fundamentals have been weighed down by Europe's second largest economy, when today France posted economic data bringing deflationary pressures to the forefront. What's worth reframing here, is that this week's significant decline in the EURUSD Forex leader occurred in spite of Germany's positive data - First question that comes to mind...
The Dollar Index (DXY), having made a false break to the to topside at the end of last week, has reversed aggressively and is now back below the 200 WMA (79.73) and appears set to test the recent low at 79.26. There is decent support there and again at 79.00-10. However a break of this would head quickly to 78.85 and then to the double bottom at 78.60, below which...
