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?