This is not financial advice, I am merely practicing my technical analysis, please let me know if I have said anything wrong and where I could improve.
Due to the uptrend signal not having been met in my last idea, I have switched to a broader perspective of the price action. We currently find ourselves in a tightening wedge and the price will most likely continue oscillating between 1,00 and 1,10 euros. Once we have a breakout of this new wedge, after a successful retest and breakout of 1.13 euros, we can see the price action moving up to at least 1,27 euros, possibly 1,33 in the longer term.
Although the stochastic lines have crossed, they did not do so in the oversold zone and so we will not consider it yet.
The MACD lines, after a long period of consolidation have started to cross depending on the closing price of today, so we will keep a watch on it as it may confirm the long term bullish trend.
Due to the uptrend signal not having been met in my last idea, I have switched to a broader perspective of the price action. We currently find ourselves in a tightening wedge and the price will most likely continue oscillating between 1,00 and 1,10 euros. Once we have a breakout of this new wedge, after a successful retest and breakout of 1.13 euros, we can see the price action moving up to at least 1,27 euros, possibly 1,33 in the longer term.
Although the stochastic lines have crossed, they did not do so in the oversold zone and so we will not consider it yet.
The MACD lines, after a long period of consolidation have started to cross depending on the closing price of today, so we will keep a watch on it as it may confirm the long term bullish trend.