Here we have 2 charts of the same pairing and timeframe 1 is zoomed out so you can see how strong the support level is, and 1 is zoomed all the way in so you can see how the candles are acting around this level.
We don't really need to talk about the 1st chart because it is clear as day, The 2nd chart you can see that price has really struggled to break and close...
1.14106 area has been used as resistance ( purple arrows ) and more recently as support ( blue arrows ) which price is currently at, mix this with the trendline ( blue line ) that price has been respecting, we can see a descending triangle forming, This is price been squeezed and when this happens we normally see an explosive move to the upside.
So either today...
EUR USD finally break box shown in the chart!
We are in this 200 pips range since 31 of November until 11 of Fev. For this reason I have boxed this area and simple replicate for a potential target.
For a entry- I want to see a retest of 1.3000 and a combination of candles showing a bearish engulfing pattern!
Once we have that I do believe Eur usd will present...
Is EU telling us where it is going to be heading in the year coming? Looking at an On-Trend Continuation in the current area. 61 & 38 Confluence on the 1.15 Mantle, wicks out to the top, Previous Price Reversal Area, 3-4th Loose
hit on the Downtrend line, 100EMA floating across the top. Very nice set-up, possibly for the first half of the year.
Downtrend in EURUSD shifting into sideways range- could resolve either way with potential double bottom
Wait for larger move higher to short the market in line with the longer term downtrend
1.172 is a S/R pivot and the 61.8% Fib of the drop from June 14
Wait for drop back towards possible double bottom support for lower-risk counter-trend...