The EUR/USD
range continues as it has in the past months. The pair jumped sharply to the
upside with about 70 pips last Friday, after forming a hammer candlestick on
the four-hour time-frame, but it could not break above the resistance at 1.1250
and it has consolidated ever since. As a result it formed several candlesticks
on the same time-frame that can be interpreted as a signal that the current
move to the upside is over, and the last of those candlesticks is a doji. If
the signal is valid there will likely be a new drop towards the support at
1.1210, which coincides with (MA)89 on the four-hour time-frame, and a breakout
below that level will probably lead to a further drop towards 1.1180.
Now is falling like a rock!
ReplyDeleteIn fact still narrowing in a longer time-frame.
ReplyDeleteWell spotted, will keep it in mind!
ReplyDeleteGood post, as always.
ReplyDelete