Weekly 1.20583 and 1.22639
- Resist point at 1.22639 was the "generator" for the sell off in terms of exacerbating the sell-off into the 1.10 and below territory, I would highlight this area as a much more potent target than how 1.20+ has held up so far as resistance for recent weeks
- Important week of 7/21/2012 it was a point of origin of one of the most powerful 2 year rallies in the currency pair. It also denotes the effect of "former support becoming resistance"
- The other inference from this chart is 12/27/2014 the first crossover of the dotted green line at 1.20583
- Price is 1679 pips away from the yearly trough
Daily: the break of 1.19284
- Breakaway gap created in April spurred on a long and powerful rally to reach our objective at 1.20+ but in the past 2 weeks there have been minute sell-offs that are shaded in orange (circles)
- The trendline in green captures a majority of the price movement and price has been flirting with a subtle break of it
- For a true reversal with staying power price needs to consolidate and congest before finding overhead supply that sticks
4 Hour
- Enhanced definition of psychological hit-points yet still maintains the uptrend
- the two negative days from the daily chart cast an overhead "seller" yet price is making an attempt to come back and try to smash through the over-head box shaded in red at at 1.20546 and 1.20948
1 Hour time frames
- More pronounced display of the difficulty of challenging the 1.20
- Appearance of "bounces" in each of the grey shaded supportive areas act as speed bumps in slowing price down when it gets to that location: 1.18445 and 1.18264 and the other two support points below
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