Monthly Idea
If you take a look at EURUSD in the monthly time frame you will see that the overall move in the market is up. I believe this market could continue to buy for a couple of months. I also believe that this market could buy up to the 14MA, reject, and continue to fall lower.
I like to predict the long term moves to help recognize the overall direction of the market. The market is currently under the 14MA meaning that the market is a selling market. BUT the overall direction of EURUSD in the monthly timeframe is showing a possible continuation of a buying trend.
I do have confidence that IF the monthly candle of November close as a engulfed candle it is VERY likely that the market could continue to buy. Once the monthly candle close above the 14MA the next goal is the market to continue to buy passing its previous high but that could take a whole year.
I like to predict the long term moves to help recognize the overall direction of the market. The market is currently under the 14MA meaning that the market is a selling market. BUT the overall direction of EURUSD in the monthly timeframe is showing a possible continuation of a buying trend.
I do have confidence that IF the monthly candle of November close as a engulfed candle it is VERY likely that the market could continue to buy. Once the monthly candle close above the 14MA the next goal is the market to continue to buy passing its previous high but that could take a whole year.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.