EUR/USD Looking for More Upside
- Price has not been able to close a month below the 1.155 handle since July, 2017, which has provided strong resistance in the past and is now acting as support.
- August provided us with a beautiful Pin Bar and/or Hammer, with a long wick signalling buyers are in the market and sellers have lost the strength from the downtrend.
- September ended the month with a Spinning Top Candlestick signalling that both buyers and sellers are present and battling for control.
- Current month so far has showed early selling with a loss of strength and buyers once again bringing price back above that 1.155 handle, leaving only a wick below.
- Current candle has been pushed down by sellers to complete a 50% retracement before buyers decided to enter back in and force price back up. Which also just so happens to be exactly at our structure support level.
- Major trend is down but we have not completed our leg up to the top of the channel as of yet. Therefore, signalling the micro trend is still up.
- Price has rebounded off 2 baseline trend-lines at the bottom of both the channel and wedge, that have provided major price reactions in the past.
- August provided us with a beautiful Pin Bar and/or Hammer, with a long wick signalling buyers are in the market and sellers have lost the strength from the downtrend.
- September ended the month with a Spinning Top Candlestick signalling that both buyers and sellers are present and battling for control.
- Current month so far has showed early selling with a loss of strength and buyers once again bringing price back above that 1.155 handle, leaving only a wick below.
- Current candle has been pushed down by sellers to complete a 50% retracement before buyers decided to enter back in and force price back up. Which also just so happens to be exactly at our structure support level.
- Major trend is down but we have not completed our leg up to the top of the channel as of yet. Therefore, signalling the micro trend is still up.
- Price has rebounded off 2 baseline trend-lines at the bottom of both the channel and wedge, that have provided major price reactions in the past.
- 1 hour chart provided us with a bullish big shadow candlestick
both adding to confirmation that longs are in order.