Technical Price Action Analysis - EURUSD ranging bearish with triangle price pattern to be broken

Technical Price Action Analysis - EURUSD ranging bearish with triangle price pattern to be broken

25 April 2015, 18:11
Sergey Golubev
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D1 price is on primary bearish located below 200 period SMA and 100 period SMA with ranging market condition:

  • The price is ranging between 1.0461 key support and 1.1395 key resistance levels
  • Triangle price pattern is crossed by the price from below to above on open D1 bar with the nearest 1.0825 support level
  • “EURUSD rolled over at slope resistance but several longer term technical observations are worthy of note; the rate found low at an important long term level (line off of 2008 and 2010 lows) and the ownership profile (as per COT) is at a record. The speculative crowd has never been more bearish…ever. Such conditions typically precede important reversals…although not necessarily right away. A break above the resistance lines (old support) would indicate that behavior has significantly changed and open up a run on 1.13.”

Trend:

  • H4 - reversal breakout
  • D1 - ranging bearish
  • W1 - bearish
  • MN1 - bearish breakdown
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