The price drew lots of lower lows, but it is still challenging to pin point which the direction will be. I tend to believe in a down move. A break and close, 60 minute time frame, below 134.50 would be a good signal for a bearish move. A false break below this local support and a rally above the upper line of the Pennant would be a strong bullish signal.
Look at this really interesting chart of Soybeans. I entered long Corn almost a week ago and I was waiting for a good signal on soybeans. The price reached the rejection line of the descending channel. Volumes dropped on the last down move, and the 14 periods RSI shows a strong divergence. I believe a break back above 900 dollars would be a strong bullish signal.
In my earlier post I said that I believe more in a down move for the EURUSD. The price actually gave now some interesting levels inside the range. My trading idea - short EURUSD under the local low and target for the local lows.
The EURUSD started trading sideways. A Symmetrical Triangle can also be drawn on H1 and H4 charts of this currency pair. Considering this, would be pretty hard to determine what is the next move. I would wait for a break outside the range between 1.1214 - 1.1114. A break above the resistance would signal a rally for which I have as a target the area around 1.1300....
This is one possible scenario. A bounce from 1.1270/80 could send the price back to retest 1.1220. As long as the price will not break and close (60 min chart) below 1.1200, it might continue the up trend, targeting this time thr 61.8 Fibonacci retracement. A break below 1.1200 could signal a further drop for the Euro. Don't forget about granny Yellen, who's gonna...
EURUSD got stuck under 1.1220. A break of uptrend's trend line would signal, from my point of view, a drop back towards 1.1120. A 60 minutes close above the local resistance could signal a continuation of the up move towards 1.1280.
It seems that today I am just stuck with the Bullish side. I know that the bigger picture shows a big bearish setup for GBPUSD, but intraday I still believe it is time for a swing high. New York is about to open, maybe things will change during this trading session.
It looks like everyone tries to get rid of the Euro. Throughout the entire board the Euro is sold, but I don't see strong fundamental reasons for the short term. The economic calendar is pretty empty, so I would be really tempted to believe in a corrective move which could send the price back to retest 1.1300.
Brent Oil has dropped under some key support levels and confirmed the Wedge. At this point the price seems to be consolidating between 64 and 66 dollars per barrel. I believe that a break below 64 will trigger a drop towards 62 or even 61, while a break above the local resistance from 66 would trigger a rally back to 67 $/barrel.
It is reasonable to say that this up move for the Euro, for the moment is just a correction for the big down trend (on a daily chart).
My scenarios would be the following:
1. The price will stop before 1.1300 and draw a Double Top (look at the 60 min chart). This scenario would also be sustained by the Daily chart with the Bat pattern emerging from the latest...
Morning everyone! The wedge did a pretty good job. No I can see that the rally took a break. On a very short term I would say that there is a good chance for the price to break 1.1240 and reach for 1.1260/65 resistance. Don't forget that there are some important economic indicators scheduled for today from US ad some for EU.
Zoomed out and now it looks bullish. A break above 1.1120 is a bullish signal, but a break above 1.1145 would be a strong bullish signal. Looking at the price action 1.1180 could be hit in the next couple to several hours if 20 is broken.
think there is a good probability for the EURUSD to target 1.1000. But it might not be that steep. Economic data coming up. A brea above 1.1120 and the upper line of the Falling Wedge could trigger a positive move for the Euro.
Look at this interesting situation. On a daily chart it is pretty obvious that the price broke the upper line of a descending triangle, but now bears are pushing the price lower. On a 60 minutes chart we can see that the price has moved sideways for a while, but now there are signals that it can continue to move lower. A break below the local support could signal...
EURUSD is trading sideways. 1.1180 proved to be stronger than I was expecting. A break below the local support would signal a drop towards 1.1070, while a break above 1.1140 i believe would signal a rally to 1.1180.
The 60 minute trend line I drew on Friday worked. I sincerely thought that the price would go a bit lower before rallying again. I think that on short term we might see a retest on 1.12.
Local resistance 1.11800
Look at this price action on Brent. On the daily it is visible that the price is close to the 38.2 Fibonacci retrace and XA=BC. The PRZ (potential reversal zone) could be between 70 and $72, buuuut... look at the 240 min chart. Perfect Rising Wedge with a very interesting divergence on the MACD. And we should add the fact that $70 is actually an 127.2 expansion of...