Another breakout from a multi-month channel. Can it finally push through back towards ATH? Or will it be another failure with price going to back to 50k ?
We will see.. Manage accordingly.
Price rejected heavily at 1.33000 area. Reversal could happen.
On the other side, Price could also make a second attempt to breach 1.33000
Let the market move, and anticipate on it.
Unless we break out of the bearish channel and close above the weekly lvl of 1.14500, I am still bearish on the Euro. Bearish engulfing candle on the weekly timeframe shows a lot of strength to the downside
Monthly & Weekly chart We have a bearish bias because we broke the ascending channel and the EMA's are crossed over to the downside meaning momentum is bearish . This is due to price continuing the downside move after hitting a 50% retracement level at 2017-09-04 and creating a double top at 2018-01-22. Therefor we are looking to make a new lower low.
Daily...
Monthly & Weekly chart We have a big bullish engulfing candle on the weekly chart engulfing the last 2 weeks probably because we hit a 50% retracement level from the last impulsive move that we started at 16 May 18'. We are also still in a bullish channel. Bias is bullish and we are looking for a higher high around the 1.36 level which is also a 1.272 extension...
Monthly & Weekly chart Price hit the 50% retracement level at 2017-07-03 after a huge move down started around 2014. After months of consolidating the price has now broke the structure and we are moving towards the low of October 2015 which was the end of the first big impulsive move to the downside and this is a huge demand zone.
Daily chart We have the 13,...
