28.12.2018 @ 4:22PM
Marked out where price may in the future move too.. I dont see price breaking the 1.14858 mark and making a new high. This train of thought is influenced by the fact that the economic outlook is rather bearish on the EURO but also the fact that we are touching a downward trend-line influenced on the weekly charts. There is clear resistance around the 1.12570 price point and allot of FIB level noise so one would lean more towards it will be very choppy until breaking the 1.12135 level. If this level is broken then we should probably wait for a retest before making any huge decisions. We all love a false break.. get in on the confirmation as this area is a key area on past price levels.. patience is the key.. and the price clusters.. reduce your risk by using them to your advantage!!
On the flip side the move higher is held down by the major trend 61.8% after breaking the level.. it point lines up with many extensions and will be a very hard level to crack.. I am not ruling out a bounce off this level as anything could and will happen.. but with the weekly trend, poor economics, poor outlook, neck-line on head and shoulders, stoch overbought and momentum and volume falling.. the likely hood of an uptrend vs downtrend at this particular time dosent seem to hold too much weight in the market.
Marked out where price may in the future move too.. I dont see price breaking the 1.14858 mark and making a new high. This train of thought is influenced by the fact that the economic outlook is rather bearish on the EURO but also the fact that we are touching a downward trend-line influenced on the weekly charts. There is clear resistance around the 1.12570 price point and allot of FIB level noise so one would lean more towards it will be very choppy until breaking the 1.12135 level. If this level is broken then we should probably wait for a retest before making any huge decisions. We all love a false break.. get in on the confirmation as this area is a key area on past price levels.. patience is the key.. and the price clusters.. reduce your risk by using them to your advantage!!
On the flip side the move higher is held down by the major trend 61.8% after breaking the level.. it point lines up with many extensions and will be a very hard level to crack.. I am not ruling out a bounce off this level as anything could and will happen.. but with the weekly trend, poor economics, poor outlook, neck-line on head and shoulders, stoch overbought and momentum and volume falling.. the likely hood of an uptrend vs downtrend at this particular time dosent seem to hold too much weight in the market.