Last week's break from the wedge has accomplished new highs. We have a solid bullish trend line on the Weekly lows. I expect this trend line to continue in the same fashion.
Set Buy limit entries: 1700-1705
Saw the market gap down with a strong bullish candle. Further support to the formation of the double bottom position.
The euro index(EXY) is currently in a position of reversal, so we could expect an impulsive move from the bulls.
DXY(U.S Dolla Currency Index) double topped on the Daily time frame.
We have seen a strong bounce off the bearish trend line, We can expect a break of the black trend line shown on the chart; reaching levels of 1.098.
SL = 1.077. Previous bullish zone.
EURO is inevitabely going to be perished during this global recession which will become more apparent in our attempts to recover from this pandemic. Liquidity is going to be maximised, so I expect a large impulse to create a position of reversal. On our weekly chart, I expect levels of 1.9 to be tested.
Please provide your criticisms, so we can establish more...
Our pitchfork diagram signals a potential short at 1710-1715.
Fibonacci Extension from our last impulse enables sight of a rejection of the 0.382 fib level and that hefty resitance recently created. ultimately, aligning with our pitchfork.
In terms of our retracement: we can expect levels of 1670(TP1). formulating a solid double bottom.
If this bottom is...
USOIL has reached a bullish demand zone(shown on the graph) at 17.5, developed in 2002. This will surely give bulls initiative to buy. Ultimately we are still very bearish.
Therefore, our Resistance 2 zone may be broken in order to test the 20 EMA & 10 MA on the Daily timeframe at around 23.5-24.5$/B. it would make sense that we see a bounce from the Bearish...