Yes, there are definitely a lot of markings on this chart, but they all show that the Euro is demonstrating a significant amount of structure.
Long-term, price is in an uptrend.
There has been horizontal support and resistance that has been held (as is shown by the blue horizontal lines).
Besides the horizontal lines there is an action-reaction set the seems to be working. The Center-Line catches the price action and the flow, and notice how price fell to the reaction line and has meet with strong buyers.
This reaction line comes in just past the 123.6 Fib off the first leg of the impulsive move down.
More importantly, however, is that there was an energy coil just around the second horizontal line, and looking toward the left, while price moved through this area, it meet with a strong move back up.
This energy coil and its poke through seems like a wash and rinse.
The Median line also has some frequency along the tail, and with its confluence with the reaction line and the poke below the support, I am going to be watching for a trade off of the lower median line parallel. My stops, however, will be below the c-pivot, below all the noise, support, reaction lines, etc. If I am wrong, I should be stopped out quickly, but if I correct, I do not want noise or anything else getting me out.
My target? That's easy. The median line.
Long-term, price is in an uptrend.
There has been horizontal support and resistance that has been held (as is shown by the blue horizontal lines).
Besides the horizontal lines there is an action-reaction set the seems to be working. The Center-Line catches the price action and the flow, and notice how price fell to the reaction line and has meet with strong buyers.
This reaction line comes in just past the 123.6 Fib off the first leg of the impulsive move down.
More importantly, however, is that there was an energy coil just around the second horizontal line, and looking toward the left, while price moved through this area, it meet with a strong move back up.
This energy coil and its poke through seems like a wash and rinse.
The Median line also has some frequency along the tail, and with its confluence with the reaction line and the poke below the support, I am going to be watching for a trade off of the lower median line parallel. My stops, however, will be below the c-pivot, below all the noise, support, reaction lines, etc. If I am wrong, I should be stopped out quickly, but if I correct, I do not want noise or anything else getting me out.
My target? That's easy. The median line.