FX:EURUSD   Euro / U.S. Dollar
Triangle formation building with a flat top and higher lows. This from the Daily trendline. Area of resistance 1.2360 which would need to be broken if this market moves higher. If 1.2360 is broken that would be the bullish sign to look for intraday long set ups.
If the daily trendline is broken & also the 1.2280 level is broken too that would be bearish signal and then maybe the market moves down to re test 1.2210 and 1.22 handle.
Wait for range between 1.2360 and 1.2280 to break and then trade in the direction of the momentum

Comments

Wow that resistance was strong :)

Interested to know if you will be looking to fade this breakdown?
Reply
alexc91 thousandairefx
@thousandairefx, Hi thousandairefx. Thanks for your comment. Yeah that resistance was very strong! :)
I think now the major trendline is broken id have to fancy a trend reversal, at least for the short term, selling intraday rallies, technical breaks to the downside, looking for areas of resistance to join the sellers. Looking at 1.2260 & 1.2280 to hold as resistance. Another possibility is for price to re-test the major trendline and find resistance there.
Now I have to fancy Feb09 low to break and this market to fall through 1.22 handle either this week or next.

What are your thoughts?
Reply
@alexc91,

I like round numbers. Apart from all the robots we are all human :)

1.2200 is near as damn it the S3 pivot, would people want it to drop? From there could be a slide to dare I say it 1.19.

I like fundamentals I like narrative, that is why I enjoy looking over technical analysis that people post on TradingView.
Reply
thousandairefx thousandairefx
@alexc91 ECB BOJ need a strong dollar ;)
Reply
alexc91 thousandairefx
@thousandairefx, Awesome i like the fundamentals too. Like a good narrative to really get the market moving :)

What makes you think 1.19?
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