The wa down was about halfway of the previous rise. Now we reached a support zone with the prospect for a further upmove.
A bottom is forming. Whether it will be one - let's see.
I am trying a long position . If this bottom holds then we may see another rise. If not - we know what stop orders are.
After this long rise since April we consider the recent decline as a mere correction. Another wave up should follow.
It is an up and down at moment. This was the sideward movement after the spike, as expected. Now we formed a new high which should confirm the uptrend.
Whether this will result in renewed uptrend we don't know. But there should be another attempt up at least.
It is a correction in which we are in currently. After the new low there should be few doubt that it has just been a correction which should be followed by more pressure down down.
There is a former support being tested from the downside, as well as a former low within a falling range.
It is an engulfing pattern in a downtrend. This gives hope for some more retracement up.
We stopped at the 38 % retracement of the upmove and are now heading back up.
but failing to consolidate the upmove. Thus probably the downtrend can continue.
The uptrend is still intact . Thus I expect a retest of the broken upward channel before we can predict the further direction.
I am taking another position as there is no sign of an imediate correction in view. Probably the markets are reconsidering the economic outlook of the USA which may result in a stronger tendency of the Euro.
This indicates that there has benn found an intermediate bottom at least. At the falling resistance line we bounced back and retraced. Perhaps the retracent will continue for some bips but the we should see a bigger upmove.
We stopped at the bottom of the parrallel of the former upward channel. Despite a slowing of the movement the trend is upward.
Now the time has come. It was abit to early this morning for a short. That's why I closed the initial osition. But now we retraced the last fall since the previous recovery. If it will become a new downtrend then it may start now.
We are at the top of the previous range agaain now. If we cannot overcome this again the downtrend can continue. I consider this sidemove as a consolidation done.
The interimistic downtrend is slowing and perkaps we may resume the overlaying uptrend now.