New week starts in few hours.
It takes a lot for me to IGNORE you, but you can try.
- #21
- Feb 16, 2019 6:51pm Feb 16, 2019 6:51pm
- Joined Jul 2011 | Status: Gold Again | 10,565 Posts
- #22
- Feb 17, 2019 5:33am Feb 17, 2019 5:33am
- Joined Dec 2015 | Status: Trader | 8,751 Posts
We may expect the EURUSD to continue a bearish disposition this week.
On the weekly time frame, in January 2018, the market made a 61.8 Fib retracement of the downward drop from the high of April 2014 to the low of December 2016 and is trading below a descending trendline (red) traceable to May 2011. An ascending trendline (black) traceable to the low of December 2016 was breached southwards in November 2018 and retested for a role flip in January 2019. Presently, price action on the weekly time frame is located around a multi-year S/R area and is in a consolidation phase. A breakdown of the area is likely to result in a momentum for a southward continuation. Any northward retracement is likely to be corrective in nature.
I may be wrong. Trade safe and prosper.
KP
On the weekly time frame, in January 2018, the market made a 61.8 Fib retracement of the downward drop from the high of April 2014 to the low of December 2016 and is trading below a descending trendline (red) traceable to May 2011. An ascending trendline (black) traceable to the low of December 2016 was breached southwards in November 2018 and retested for a role flip in January 2019. Presently, price action on the weekly time frame is located around a multi-year S/R area and is in a consolidation phase. A breakdown of the area is likely to result in a momentum for a southward continuation. Any northward retracement is likely to be corrective in nature.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #32
- Feb 18, 2019 9:20pm Feb 18, 2019 9:20pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Do your homework, follow the footprints of smart money
