Will EUR Rise Over USD?

7 December 2016, 12:17
Leonardo Barata
0
19

Dynamic trend: Turned up
Background: W1 – very weak; D1 – weak
Phase: Markup
Support: 1.066
Resistance: 1.079

 

 EURUSD H1 2016-12-07

 

 

Considerations


Point 1: We can observe "Shakeout" with very large volume and a wide range, on a weak congestion zone. This movement alone indicates absorption of supply, but the subsequent down-bar indicates that the supply is still high, and the market is not ready to grow.

Point 2: "Test" with a low volume and an average range. Follow up-bar indicates the success of the maneuver.

Point 3: There was a breakout of the congestion zone with a high volume and wide range. In TF M15, a successful test occurred and then continued to grow. 

 

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