Monitoring 1.15865 Level On EURUSD
Updated
Two key price points on my chart that I have been watching.
1. EURUSD has been in a massive downtrend. The price at Label #1 failed to breach a new low, which is a first indication that I should be looking for a structure for a potential reversal.
2. Price broke above the 1.15865 level on the afternoon of October 13th. Nothing really to talk about here as I think it's to be expected after the failure to paint lower low in #1. What's concerning is my Label #2. Price didn't make a significant push higher, but it is still holding above this key level I'm watching. The arrow projection is the ideal price path I'd like to see. However, I currently have low confidence given the failure to push a higher high after the breakout to the upside.
1. EURUSD has been in a massive downtrend. The price at Label #1 failed to breach a new low, which is a first indication that I should be looking for a structure for a potential reversal.
2. Price broke above the 1.15865 level on the afternoon of October 13th. Nothing really to talk about here as I think it's to be expected after the failure to paint lower low in #1. What's concerning is my Label #2. Price didn't make a significant push higher, but it is still holding above this key level I'm watching. The arrow projection is the ideal price path I'd like to see. However, I currently have low confidence given the failure to push a higher high after the breakout to the upside.
Note
In my latest idea with AUDUSD breaking lower, I think it's safe to say that we won't be seeing any upside from EURUSD in this overnight session.
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