The price of EURUSD almost touched one year low. A positive divergence has been drawn on the H4 and Daily time frame so we could expect a bounce from the current levels.
We've got a ton of markers happening here signalling an incoming counter-trend (from bearish to bullish). SIGNALS: 1. Double/triple bottoms (depends on how you look at it) testing a long-term support level over and over. 2. RSI shows a clear bullish divergence happening right now. 3. Steep decline trendline hits all the retracements' highs beautifully. GETTING...
Idea is based on a combination of Elliot wave theory and median line analysis. The rationale behind this technical analysis is shown on the chart along with a specific target and stop loss ( daily close at this sl invalidates the idea!). Good luck!
I am still waiting for an up break, at least before the ECB monetary policy meeting from Thursday. Even though the Euro got pretty strong for the European economy to be handling, nobody seems to be interested in the US dollar. On a short time frame, I would see a break above 1.3890, followed by a 50 to 60 pips rally.
Today was another options expiration day and with it comes some interesting information about current market structure and where the smart money might be leaning going forward. While there was no 'freebie' Euro close rally into options expiration setup today (because Russian news keeps bidding price up) it was very interesting to see how 'they' closed USO out at...
Here is a really nice example of the BoT in action. Price had been basing through the overnight session as a wide double bottom was confirmed through the pre-pit open. That bottom setup long ideas and sure enough the BoT came alive when prices corrected to 103.26. I watched price action closely and was very fortunate to act when given the opportunity (wtg Brian). ...