EURUSD is close to a key level where we should expect to find some support and a possible reversal.
The 1.07300 level has held as support since the end of March.
I currently have a long bias and prefer long positions in EURUSD.
A downtrend of LL's and LH's has formed (marked) with a number of s and r lines (marked). The Stochastic oscillator suggests that the market is currently oversold so we can expect a rise to a support level followed by a continuation of the downtrend if the support holds (marked on the graph and indicator). A sell limit below the support line with a sl just above...
Been around 6 months since I posted some technical analysis.
Trying to get back into it, with the hope of progressing further in 2020.
GBPUSD Simple Long trade with support/resistance plotted, a decent long term bullish trendline plotted, flag formation on the daily candlestick plotted.
Previous month has illustrated a ranging market. Breakthrough has occurred in the recent days and is slowly approaching psychological level of 1.3200 in which a possible rejection could occur.
This particular zone has also been proven to be a strong resistance several times this year.
SELL LIMIT order placed at 1.3200.
As we can see the black area indicates a potential zone where retail traders are tricked into going long by the illusion of fake support. Large institutions and experienced traders know most novices will have their stop losses just below this level. Institutions and banks manipulate these levels and take out stop losses to gain liquidity in the market. Once a stop...