The euro recorded a second consecutive winning session against the dollar on Monday and added nearly 60 pips to a closing price of 1.0913. Session peak was reached at 1.0938, while the lowest point was marked at the level of 1.0847. Positive attitudes in the short term gradually prevail for which contributes the confirmed break of 1.0900. For continuing growth is necessary to overcome the 50-period average, as a key objective is the 1.0995.
Yesterday the EURUSD rose with a wide range and close near the high of the day, in addition closed above the previous day high, all suggesting that the bulls took control.
The 10-day moving average is acting as a dynamic resistance and held the price on yesterday session and a close above it may bring more bulls to the table.
The key levels to watch are: the 200-day moving average at 1.1077 (resistance), the 10-day moving average at 1.0916 (resistance), the 1.0900 (support), the 50-day moving average at 1.0816 (support) and 1.0819 (support).
when looking at the Q-chart of this pair, one can see that the 2. quarter produced an inside-reversal-bar (IRB), followed by a doji bar in the 3. quarter. More often than not, the combination of IRB/Doji indicates a trend reversal (in any time frame). This last quarter of 2015 has an open price of 1.1147 and there's always the possibility that this quarter will close again near the open price. Since the low of the 1. Q of this year has not been violated, (1.0460), the high of the 3rd Q and the high of the 4th Q (after the bar is finished) are legitimate buy/stop entries according to the price bar formation rules. At the same token, the low of the 1. Q of this year (1.0460) is a legitimate sell/stop entry.
Should the low of the 1. Q be violated, then both buy/stop entries a void.
As I have mentioned before, price consolidations, congestions and trading ranges often start with a long bar, which then turns out to be the measuring bar (MB) for the congestion. first indication of a price consolidation is a doji bar as the 3rd and/or 4th bar after the MB, as many congestions start and also end with a doji bar.
Any bar on the chart is an MB, if the following 4 bars (minimum) have the open or close price (or both) within the high and low of the MB. When counting bars in a price consolidation, the MB has to be included in the count. Therefore, a consolidation consists of a minimum of 5 bars (MB + 4 bars). This is the reason, why the 6. bar in consolidation is a very dangerous bar to trade most of the time. It can be traded, but only if certain requirements are met.
During the first day of the week the single currency presented excellent against the major currencies on a day poor in important economic data. Trade volumes are expected to remain low this week due to the upcoming holidays.
The single currency recorded an increase against the dollar for a third day on Tuesday, adding nearly 40 pips to a closing price of 1.0955. The pair marked a one-week high at 1.0983, while the lowest point was reached at 1.0902. The price went above the average values, while the index of relative strength remains in favor of the bulls. Immediate goal appears to be psychological barrier at 1.1000.
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