my weekend thoughts
EURUSD
Monthly :
Price has moved upward from the trendline top of a down channel which rejected down from the 200ema ( the down channel ) . Price continues moving down from the 200ema
Weekly :
Price has moved downward in a possible down channel from the down channel rejection double top above the significant level at 1.218. Possibly in a 'V' reversal pattern. Price has moved down below the strong level 1.218
Daily :
BIG RED DOUBLE WICKED CANDLE PRICE MOVED DOWN REJECTING THE STRONG LEVEL 1.218 MOVING TO THE SIGNIFICANT DAILY, WEEKLY, MONTHLY LEVEL 1.210 AND JUST BELOW THE 50EMA AND THE BASE OF THE DOWN DEFINED DOWN CHANNEL PRICE IS AT A STRONG LEVEL AND INSIDE THE EMA'S
THE SIGNIFICANT LEVEL IS NOW A BARRIER TO ANY MOVE DOWN AND THE 50EMA A BARRIER TO A MOVE UP CONVERGENT MACD
So now ASK : is the price likely to go up or go down OR MOVE WITHIN THE CHANNEL?
Bookmarks