After a month of sideways price action, it is amost time for EURUSD to pick a direction.
Indeed, as we can see, the price will face a compression soon as the ascending trendline and the channel midline are about to meet. This attention area is indicated by the orange triangle. The direction of the breakout will most likely indicate which side of the channel be...
As expected, Friday's session started with a descend towards the S/R zone at 12 882. Bearish traders pushed even lower and the support didn't hold their strengths. The VPOC has also shifted below this zone and this can signify the lack of commitment for further longs and the end of uptrend of the past days.
Resistance: 13 119, 12 882
Yesterday's session drew a nice 'V' shape. The price started to fall towards the support level of 11 561 right from the beginning of the session and this was the area where price marked its intraday low and bounced back upwards. The first support zone laying at 11 678 had little effect. The statistical probability about closing inside the previous day range was...
Yesterday's high was broken out as yesterday's statistics hinted. There was no apparent resistance up till the 11 774 level which eventually stopped the bulls. The 11 678 zone functioned as a support level and the session was closed outside of the previous day range and this fulfilled the same statistical probability as well.
Unfortunately, yesterday's session didn't go according to our expectations. We've had clues for a bearish move and breakout of the previous day low, but Dax proved otherwise. The price was trending upwards with a strong momentum right from the beginning of the session and the resistance at 11 691 played no role too. Dax slowed down later in the afternoon, yet...
Tuesday's session was a bit odd from our point of view. Dax initially descended to our support at 11 646, but rather than bullish correction we hoped for, price action rather slowed down. Dax then closed near it's intraday low and today we open with an ascending gap.
Resistance: 11 691
Support: 11 560
Statistics for today
Monday's session turned out as per our expectations. Although there was no short to capitalize on, one of our hypothesis was the significance of trend-line to support bullish traders. The resistance at 11 723 slowed down the price incline but no big short correction was seen. Today we open with a small ascending gap, which has a 60% probability of closing.
Friday's session was relatively difficult to trade. It looked like the price might go down a few times, but bulls were stronger and took the price towards our resistance at 11 606. In the end, the gap between the sessions wasn't closed and the trendline wasn't even relevant. For today, we open with yet another ascending gap.
Thursday's session turned as expected. Dax broke the previous day low, which had a statistical probability of 96%. Sellers were dominant right from the beginning and proved their strengths yet before 11 629 so the profit potential wasn't that exciting. Dax dropped some 300 points just to almost fully correct this drop later in the day. Thursday was a rollercoaster...
Our market analysis didn't go well yesterday. We've had clues for the uptrend continuation and breaking of Tuesday's high. Instead of that, Dax gave us the complete opposite and formed a big daily sell-off. Today we open with an ascending gap.
Resistance: 11 899, 11 629
Statistics for today
Detailed statistics in the ...
Dax started the day with the expected drop and breaking the previous day low, which had a statistical probability of 83%. There was a sudden price spike after 15:30 when Dax shot higher some 300 points based on Trump's tweets. After the dust settled, Dax slowed down and hasn't really gone anywhere for the rest of the session. Today's gap has already been closed.
Monday's session brought the initial short which broke our trend line. After breaking yesterday's low, buyers stepped in to retest the trendline just to allow bears to take it lower again. The price was then closed near its intraday low.
Resistance: 11 899, 12 031
Statistics for today
Detailed statistics in the Statistical...
The session yesterday started with an ascending gap which was closed yet in the morning trading hours. Sellers took Dax to retest the support level at 11 716 where we saw a power shift and buyers regained control of the further price development. The session was closed at 11 823.
Resistance: 11 901
Support: 11 716
Statistics for today...
Yesterday's session was a bit odd. Dax behaved lazily all day long and has broken neither low or high of the previous day. The support level at 11 615 hasn't functioned either. The price opened with a small descending gap today which is already closed by the time we write this.
Resistance: 11 702, 11 845, 11 899, 12 031
Monday's session had an expected development. We first saw buyers taking the price slightly up, yet not able to retest the 11 823 level. Sellers took over and pushed Dax to the support zone of 11 657. It took some time for this to be broken to the downwards and bears dominated the intraday session until the close.
Resistance: 12 031, 11 899,...