EURUSD has returned to a previous range between the prices of 1.10701 (High) and 1.09093 (Low).
Currently price is holding the support area of this zone. You can also argue that there is a smaller consolidation forming on smaller timeframes (illustrated by small grey box).
Trade Idea: Watch price at this level and on smaller timeframes to monitor if holds here for another move up after this consolidation. Often times you’ll see a consolidation after a big move and could trade sideways until hit the uptrend line before making the next move up.
Also watch for a possible break back below this support to retest the previous support level around 1.08498 while also holding the uptrend line.
Targets are in either direction.
-1.08498 on a move below
-1.10701 on a move to the high of the larger range
Note: Overall structure on the weekly/monthly is is forming higher lows after breaking below an uptrend. This could be the break out/retest on a higher timeframe before making a new leg down. Or it could be setting up to Break structure and form that higher high on the weekly/monthly. For now, allow price to do its thing.
Currently price is holding the support area of this zone. You can also argue that there is a smaller consolidation forming on smaller timeframes (illustrated by small grey box).
Trade Idea: Watch price at this level and on smaller timeframes to monitor if holds here for another move up after this consolidation. Often times you’ll see a consolidation after a big move and could trade sideways until hit the uptrend line before making the next move up.
Also watch for a possible break back below this support to retest the previous support level around 1.08498 while also holding the uptrend line.
Targets are in either direction.
-1.08498 on a move below
-1.10701 on a move to the high of the larger range
Note: Overall structure on the weekly/monthly is is forming higher lows after breaking below an uptrend. This could be the break out/retest on a higher timeframe before making a new leg down. Or it could be setting up to Break structure and form that higher high on the weekly/monthly. For now, allow price to do its thing.
Dennis Butler Jr.