EUR/USD Daily: Previous analysis October 21: I wrote (resistance is forming at 11583 level and the Euro must rally back above this level to see a bounce back to the 119-120 zone)!
Week of November 12 - Critical support still underlies this market at 11312 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible. Critical support means support - caution is advisable.
Explanation:
Bullish reversals: If the market should close above the reversal point, then the downtrend will be "reversed" into a bullish or increasing trend. The first reversal point indicates that a move to the second reversal is likely. The second reversal point signifies a move to the third point is probable and so on.
Bearish reversal: If the market should close below the reversal point, then the uptrend will be "reversed" into a bearish or declining trend.
Experienced traders: could use reversal points for the opposite of their intended use.
Example: A trader could place an order to buy against a bearish reversal with a protective stop just below.
Week of November 12 - Critical support still underlies this market at 11312 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible. Critical support means support - caution is advisable.
Explanation:
Bullish reversals: If the market should close above the reversal point, then the downtrend will be "reversed" into a bullish or increasing trend. The first reversal point indicates that a move to the second reversal is likely. The second reversal point signifies a move to the third point is probable and so on.
Bearish reversal: If the market should close below the reversal point, then the uptrend will be "reversed" into a bearish or declining trend.
Experienced traders: could use reversal points for the opposite of their intended use.
Example: A trader could place an order to buy against a bearish reversal with a protective stop just below.
Germany30 and S&P500 Intraday analysis August 23rd. and weekly update 34. Posted at twitter: twitter.com/SP500_Dow