The inset 4-hour chart shows the 1.272 price and time squaring, as well as the 100% symmetry of the initial rally swing projected from the March high. Symmetry alone generally indicates a likely area for a reversal; appearing in the same area as the price and time squaring adds additional confidence to the case for a reversal soon.
If there is a likely area for the recent decline to end, this should be it; if your methodology is flashing a buy signal in this area, it could be that this will lead to a very profitable long position. I'm still looking for a rally to above the 1.1100 area before the long-term downtrend is re-established, but even a simple corrective rally could easily cover 100+ pips.
Should price decline to below the dotted red line just beneath the 0.786 level, I would consider the long-term downtrend to be confirmed, and would look to short any decent rally after that event. I expect to see parity by early summer, but that's just an opinion...
The daily 14 RSI appears to be finding support at its WMA and the 40 level, indicating the possibility of a reversal; I'm also seeing a setup forming on the daily modified MACD that I use. I don't often see potential setups this compelling; if short, you might want to tighten the stops and get ready for a decent long play - SOON.
I love that the Eurozone news is bearish, don't you?
If there is a likely area for the recent decline to end, this should be it; if your methodology is flashing a buy signal in this area, it could be that this will lead to a very profitable long position. I'm still looking for a rally to above the 1.1100 area before the long-term downtrend is re-established, but even a simple corrective rally could easily cover 100+ pips.
Should price decline to below the dotted red line just beneath the 0.786 level, I would consider the long-term downtrend to be confirmed, and would look to short any decent rally after that event. I expect to see parity by early summer, but that's just an opinion...
The daily 14 RSI appears to be finding support at its WMA and the 40 level, indicating the possibility of a reversal; I'm also seeing a setup forming on the daily modified MACD that I use. I don't often see potential setups this compelling; if short, you might want to tighten the stops and get ready for a decent long play - SOON.
I love that the Eurozone news is bearish, don't you?