AS we can see there is a good 2:1 long setting up on the EURUSD.
Price has pushed down to the untouched zone and we are seeing more buying pressure froths level.
The 2 hour chart shows a strong moved down with that engulfing candle which will offer little resistance to the upside at around the 1.15200 level
Looking at where price is there are a few levels that are jumping out.
The first area is the 1.17400 level, there was a strong move down from this level, looking left however there has been a lot more activity in this area which leads me to believe that although there could be a good opportunity here there is a better and untouched area at 1.19250 area.
The 1.12000 level has only just been touched and rejected so this could offer another area to get long. However the untouched area that would offer a better low risk chance of a turn would be down at the 1.10200 level.
The highest point offering great shorting opportunities is way up at the 1.22800 area
Price found the 1.14500 level this week as a hard area to push past, overtime price got to the level it found strong selling pressure.
For the most part price has been ranging between 1.1§300 and 1.14500
Two areas that I have got my eye on are firstly the lower Demand zone at 1.12200 when price found this area last, there was strong buying pressure and shows...
Having a look at where price is currently.
Price has been finding selling pressure at the zone in the middle at the 1.2700 level. The first 2 touches of this price has shown that there are a lot more selling, further to this on the 3rd attempt at this zone, price found pressure a few pips lower.
Between 1.2700 and 1.2600 price has started o move sideways with...
I have been trying to get a better understanding of the waves in the market and seeing where other patterns come into play and can help give some confluence to the direction.
Although we have had a very bullish close last week, what the chart is presenting me with is a very Bearish opportunity.
Price has been consolidating in the channel and From what I can see...
Price has had a recent surge up to Daily Highs and looking at the daily time frame you will see the huge wick that was formed on the Daily close yesterday.
Price has been moving in this descending channel for weeks and respecting the trend line. the last couple of days has been the first real break, is this a fake out, surge for liquidity or is this change of...
Weekly time frame see price right at the tip on an ascending wedge, price has also lined up with the 0.618 at this level.
Daily price is also in an area which is proving tough to break and has seen lots of exhaustion on the 4 hr
Top Down :
Daily price has had a cross of the EMA's and now came back to retest, previous daily candle showed signs of rejection
4hr price action has remained the current price zone, lots of wicks and what looks like an ascending wedge, bearish signs.
1 hr price has started to created lower highs
Target is on the bigger time frame a retest of the 1.15886 level
We have had a Tripple top on the Daily along with a very Bearish Daily close below this previous price zone.
There is also a 0.618 fib retracement from the weekly lining up with this area of daily rejection.
Next key area is the monthly level of 111.800
Price has been respecting this descending channel for the past couple of months, we have see consistent lower highs and lower lows.
Price is currently in a region where it could re test the higher end of the channel, if we see rejection around the 0.97900 level we could then see a further downside imo to the 0.95280 level which is the fib inversion of the recent...