EURUSD: Is this the long term chart we should focus on?
EURUSD has been practically trading sideways since November 2018, with however relative bearish bias since 1W is on Lower Highs (RSI = -40.078, MACD = -0.008, Highs/Lows = -0.0063, B/BP = -0.0113).
Our attention is currently expanding on the larger 1M time-frame where the bearish long term sentiment is clearer. STOCH, STOCHRSI, Williams are all oversold, and as seen on the chart the price is currently near a Lower Low and has in fact been trading on the lower band (below median) of the Channel Down. The oversold stochastic state comes as no surprise then.
Despite the fact that 1D is a Channel Down (RSI = 38.591, Highs/Lows = -0.0053) we should start shifting our focus towards buying again and although 1W/ 1D still have potential for a Lower Low at 1.1130, we will be targeting 1.1300 and 1.1380 in extension.
We shouldn't overlook also the probability of a break-out above the median (but still within the Channel Down), as the pair has been trading so long below it. Don't ignore the fact that the price action for the past couple of months or so, is a balance of power (supply intervention) between the two central banks (the ECB and the Federal Reserve). This is what has been causing the Lower Highs and Lower Lows inside the technical bearish channel. If that channel breaks downwards then we are looking very realistically at a 1M Gap Fill to the January 2017 1.0342 Bottom.
See below our previous studies on selling and buying the Highs and Lows of the current Channel Down:
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
Our attention is currently expanding on the larger 1M time-frame where the bearish long term sentiment is clearer. STOCH, STOCHRSI, Williams are all oversold, and as seen on the chart the price is currently near a Lower Low and has in fact been trading on the lower band (below median) of the Channel Down. The oversold stochastic state comes as no surprise then.
Despite the fact that 1D is a Channel Down (RSI = 38.591, Highs/Lows = -0.0053) we should start shifting our focus towards buying again and although 1W/ 1D still have potential for a Lower Low at 1.1130, we will be targeting 1.1300 and 1.1380 in extension.
We shouldn't overlook also the probability of a break-out above the median (but still within the Channel Down), as the pair has been trading so long below it. Don't ignore the fact that the price action for the past couple of months or so, is a balance of power (supply intervention) between the two central banks (the ECB and the Federal Reserve). This is what has been causing the Lower Highs and Lower Lows inside the technical bearish channel. If that channel breaks downwards then we are looking very realistically at a 1M Gap Fill to the January 2017 1.0342 Bottom.
See below our previous studies on selling and buying the Highs and Lows of the current Channel Down:
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
Telegram: t.me/investingscope
www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
