The weekly time frame shows a possible major bearish break out longer term..
Short term I will be looking for a reversal and retrace after the break out of the wedge (red) and/or channel (blue). I will be looking for an impulse of lesser degree followed by a consolidation and trade the continuation. Updates will follow.
Crazy day with Draghi running the show in a way only he can. I was looking for 1.11 for the EU but because we didn't see that before the ECB rate decision I decided to let that pair go. However AU might be making that anticipated move lower which makes EURAUD interesting. Although the environment was extreme it did exactly as projected so far. Let's see whether it settles and buy the continuation.
التعليقات
jbourgault
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Actually, it seems that a previous trendline acted as a major support.
TimStuyts
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Among other things yes, I came up with the likely reversal area by means of confluence among different approaches to measure structure. If that turns out to be correct the whole trade scenario will become very strong. This way I filter a lot of noise which increases probability.