The down trending channel has been for a long time. It is wide channel and for long term.
Therefore, to go long at its bottom seeing another internal channel (alike to consolidation) with bullish divergance is not bad idea . Just watch closely the smaller time frames for extra entery signals.
Fibo 38 level -Nice trend line-asending channel-support level tested twice before and showing strength now-Ichomoko cloud in support and stochastic in extreme oversold ( with bullish divergance). That is pretty good for my to long this pair.
Why red candle started at the top of descending channel , RSI over bought (with bearish divergence) and Stochastic the same way?
Why price showing this weakness just at 200 sma and macd also gave a cross ?
It is all signs of warning trend in over here , just stop looking at the small frames letting it mislead you yeah we
are in up trend and will proceed , it is...
Monthly study provides clearer and more accurate signal with huge pips in pocket.
-MACD said adieu .
-RSI Screams '' Bearish Divergence '' which is shown more plainly on weekly chart and on monthly RSI touched 70 level just to die out again.
Moving Average: Never missed this hot game , therefore ; sent his strong 200SMA to defend this important level
- Fibonacci Retracement at 50%
- Price respect to this level and form nice price action.
- RSI bounce back from level of 30 (over sell).
- Elliot waves harmony showing end of wave 4 and resume the 5th up impulse wave.
- Bullish Divergence.
- Price get support right above the green cloud of Ichimoku.
-Trend is already up & strong and all the above making more...
EURUSD, Can drop more ? Yes it is possible but just caution for the movings on weekly and ICHOMOKO CLOUD, with
a littile thought for bullish divergence (RSI) on Daily.
That make it risky to go against the trend.
Finally, consider that , EU won't interfere in Russia....
My friend traderwgun, I can agree with you that it is better to take two equally significant highs or lows,
(but still I am convinced that when you take divergence as I did my my former chart you will get a note upon
exhaustion of the current price movement ).
however , as to go in accordance with the aforementioned idea (two equally...ect)
I have just made this...
well , sometimes Forex play so devilish game with us providing two valid views one bullish the other is bearish.
as it usualy does with EUR-USD ....
However I think other times the trick is to put it so easy and clear in such way traders will be afraid and not sure as they
used to complixity !
I say this introduction for this chart now is perfect chance let us...