EURUSD has been brearish since 2008 - Lower Highs and Lower lows
In Dec2014 broke below prior swing low (1.20954) and went to make newer low at 1.05202
It also went into a correction structure in between 1.13743 and 1.05202, this correction structure lasted for 2.5 years.
After breakinng this structure, it went to test the prior swing low, now as resistance at...
Several points which meets my pullback strategy
- Weekly Ema slowly rising (weekly chart)
- No red impulse for several weeks (weekly chart)
- Daily Price below EMA (daily chart)
- Daily impulse is Blue (daily chart)
- Force index (2) is below zero (daily chart)
- Price pushing back above trend support linen for several days (daily chart)
- bullish engulfing...
3 bullish engulfing candles (purple arrow) has occured in which previous two has tested the resistance line (5)
Currently, the price is now testing the lateral support (1) and the trend line support (3).
The price is also undergoing descending triangle consolidation since Oct18 (Line 3 & 4)
If there is a possible breakout - this few things need to occur
1)...
