EURUSD initially tried to rally but found enough selling pressure at 1.0622 to turn around and move downward where it also did not stayed for long, closing in the middle of the daily range. The pair is trading within this daily support zone [1.06220 | 1.04620] also known of “no man’s land” and choppy trading is to be expected until a clear breakout of this area.
EUR / USD continued to trade lower on Monday touched the support among the 1.0500 and recovered. The momentum indicates that could now be some recovery. The RSI went out of their territory of overselling, while the MACD fell and crossed above its trigger line.
I was hoping that EUR/USD would reach the support at 1.0470 and then break below it, continuing on its way to parity but the pair formed a spinning top candlestick at the support at 1.0520 and started climbing again. It looks like the consolidation will continue for a while longer. I think the pair will continue climbing until it reaches 1.1000 again, or perhaps even 1.1200.
victoriajensen posted: I was hoping that EUR/USD would reach the support at 1.0470 and then break below it, continuing on its way to parity but the pair formed a spinning top candlestick at the support at 1.0520 and started climbing again. It looks like the consolidation will continue for a while longer. I think the pair will continue climbing until it reaches 1.1000 again, or perhaps even 1.1200.
I don't think we will see a break on the support line 1.0500 for a while
EURUSD rose on yesterday session after disappointing US Retail Sales but found enough selling pressure at 1.06806 Fibonacci level (23.6) to give back some of its gains but still closing near the high of the day. It was a typically news driven movement and the downward trend is still intact. A close above the 10-day moving average may shift the short-term trend.
Each price bar (with the exception of a doji) has a trend within itself, regardless of the time-frame you are looking at. If a bar has a higher opening price than close price - it is called a down-trend bar, and vice-versa it is called an up-trend bar.
When looking at the daily chart, there are 6 bars in the same trend (down-trend). They all have a higher open-price than close-price! Yesterday's bar was a so-called reversal bar, as the trend is in the opposite direction (open-price is lower that the close price)
There is a minor-entry signal rule according of the language of the charts: If there are 3 (or more) bars in the same trend and then a reversal bar, the high of the reversal bar (ask + 1 pip) can be bought - if at least 3 preceding bars were in a down-trend, and the low of the reversal bar (bid (-) 1 pip) can be sold if 3 (or more) preceding bars were in an up-trend.
In the EUR/USD case, a buy-stop order can be place over the top of the high from yesterday (as described above)
A break can be traded to near 1.0800/1.0900/1.1150
In addition, I have described congestions several times. First bar we trade is bar Nr. 17, best bars to trade are bar 21 through 29. Today's bar is Nr. 21 This rule is time-frame independent - as all rules are.
The low from Monday (1.0519 minus 1 pip) is a major sell-stop entry point and could trade to near 1.0400/1.0200
We usually place both trades. If one fails, the other one usually is ok. Often both trades are positive, if the SL is managed properly.
ПРЕДУПРЕЖДЕНИЕ О ВЫСОКОМ УРОВНЕ РИСКА: торговля иностранной валютой связана с высоким уровнем риска, который может подходить не для всех инвесторов.
Кредитное плечо создает дополнительный риск и вероятность убытков. Прежде чем принять решение о торговле иностранной валютой, тщательно проанализируйте свои инвестиционные цели, уровень опыта и толерантность к риску.
Вы можете потерять часть или все свои первоначальные инвестиции. Не вкладывайте деньги, которые вы не можете позволить себе потерять. Ознакомьтесь с рисками, связанными с торговлей иностранной валютой, и обратитесь за советом к независимому финансовому или налоговому консультанту, если у вас возникнут вопросы.
Любые данные и информация предоставляются 'как есть' исключительно в информационных целях и не предназначены для торговых целей или консультаций.
Прошлые показатели не являются признаком будущих результатов.