DislikedAhhh right yes I wasn't looking far enough back! So there we have or rather had, some big sellers positioned. Price repeatedly rejected around that level for 3 weeks (1.3280-99) then came the breakthrough on the 11th and now that area has become supportive and has been tested several times and held for two weeks. So now we have buyers in this area so we accept that as a buy zone until or unless price dips through and retraces from the underside to test? In the mean time 1.3299 has become a launch pad for a break of 1.3400. This is making sense,...Ignored
I don't know why, but with a heavily traded currency like EU you will always have the odds in your favor if you fade tops and bottoms. The breakouts are far fewer in number than the rejections and the breakouts nearly always come back and give you the reentry on a retest.