EURUSD Markdown

EURUSD Markdown

23 November 2016, 18:49
Leonardo Barata

Dynamic trend: Turned up

Background: W1 – very weak; D1 – weak

Phase: Markdown

Support: 1.055

Resistance: 1.066


EURUSD Hourly 

Point 1: There was a potential “Selling Climax", with a very high volume and a wide range. The subsequent bar was an up-bar, which indicated buying pressure.

Point 2: Represents a "test" with low volume and a narrow range relative to point 1. The following up-bar confirmed the success of this maneuver. Low volume when breaking out the latest low, indicates no selling pressure

Point 3: There was a "Shakeout" with a normal volume and a wide range.

Conclusions: The recent action is bullish, and indicates market strength. However, we should wait for the confirmation of the 1.066 level"


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