After breaking major resistance at 1.15, the Euro grinded lower to test that wide support area. Last week we had a clear rejection off it, and at the same time rejection off the 34 day EMA Wave. This is the futures chart I am using for the weekly, that shows reliable volume bars. Look at the condition of the Force Index, it is out of its channel, oversold in an uptrend; very very strong buying signal.
The daily chart shows a possible inverted H&S, after a failed break of the H&S top, which by itself is a very strong pattern that calls for higher prices.
I have my soft stop below this support area, and a target of 1.30.
The daily chart shows a possible inverted H&S, after a failed break of the H&S top, which by itself is a very strong pattern that calls for higher prices.
I have my soft stop below this support area, and a target of 1.30.
Trade closed: target reached:
Closed inches away from the swing high.
