The next resistante level is @ 1.21500 . Those levels date back from the fall in 2015 and 2012.
The Green Ascending Trendline from the wedge is a must hit retest. Afterwards, two scenarios are drawable:
a) BLUE - Climb either to this week's high, or to the 1.21500 levels (wither with retest of the channel line, or straigh breakout). Note how low the RSI levels are... Gives a bullmarket a lot of strength and breathing room.
b) RED - Pullback parallel channel line, and a continuation down to a support line which will coincide with a prallel of the top trendline thus forming a channel.
b) We fall into the channel, retest it, and pullback to a support level that will coincide with the channel's bottom trendline. We'd like to see Price Action fall under the Mov Avg, retest it and then go back down
EURUSD
before shorting.
Note, this channel is worth what it's worth. market has yet to come close to it as the only real pattern we have was the Wedge it broke out of. Although, experience hints that the channel will exist in the future and sets for a great TP.
THE BIG QUESTION:
Are we going to push to 2015 resistance levels, and weaken the Dollar even more? Or are we going to come back down into the 1.18 area...
Good luck! Discipline needed to execute these setups.
The Green Ascending Trendline from the wedge is a must hit retest. Afterwards, two scenarios are drawable:
a) BLUE - Climb either to this week's high, or to the 1.21500 levels (wither with retest of the channel line, or straigh breakout). Note how low the RSI levels are... Gives a bullmarket a lot of strength and breathing room.
b) RED - Pullback parallel channel line, and a continuation down to a support line which will coincide with a prallel of the top trendline thus forming a channel.
b) We fall into the channel, retest it, and pullback to a support level that will coincide with the channel's bottom trendline. We'd like to see Price Action fall under the Mov Avg, retest it and then go back down
EURUSD
before shorting. Note, this channel is worth what it's worth. market has yet to come close to it as the only real pattern we have was the Wedge it broke out of. Although, experience hints that the channel will exist in the future and sets for a great TP.
THE BIG QUESTION:
Are we going to push to 2015 resistance levels, and weaken the Dollar even more? Or are we going to come back down into the 1.18 area...
Good luck! Discipline needed to execute these setups.