Long term Euro consolidation and recent Flag pattern analysis
Hey everyone, its my first real chart analysis and wanted to share with everyone to get some pointers or feedback on the idea.
In the link below we have a chart analysis of the Euro, long term, as well as the analysis of the last year of the Euro downtrend movement.
There are two bigger yellow consolidation trend lines that run on the top and bottom of the most recent large consolidation pattern of the Euro. These two yellow lines show the tightening taper of the consolidation trend of the last 5 years. These suggest the shape and continuation of the larger happening, long term trend. To the right, there are two smaller blue trend lines on either side of last years downtrend on this large consolidation pattern. The bottom blue trend line is followed by a second blue trend line that continues at a different angle, tapering over to intersect with the larger bottom yellow trend line. While the top blue trend line goes all the way down meeting the intersection of the second blue bottom trend line and the larger bottom yellow line. Also intersecting at this same place, is a red horizontal support line that shows what seems to be the appropriate hight and support level for the continuation of the larger consolidation pattern happening on the chart. Above the red support line there is a green horizontal resistance line thats held up so far. This pattern is followed by continuation arrows that point down and then up, to the possible continuation of this consolidation.
As for this last weeks apparent Bull Flag pattern a lot of people have been talking about. If you look at the tapering blue lines that meet where the red resistance line intersects with the bottom yellow support line, and take into account the green resistance line, as well as the shape the the larger consolidation, could that mean we're going continue seeing a bearish market for next few months before it goes on a bull run to continue the larger consolidation pattern? Could we see the Euro drop another $0.40+ before bouncing back?
In the link below we have a chart analysis of the Euro, long term, as well as the analysis of the last year of the Euro downtrend movement.
There are two bigger yellow consolidation trend lines that run on the top and bottom of the most recent large consolidation pattern of the Euro. These two yellow lines show the tightening taper of the consolidation trend of the last 5 years. These suggest the shape and continuation of the larger happening, long term trend. To the right, there are two smaller blue trend lines on either side of last years downtrend on this large consolidation pattern. The bottom blue trend line is followed by a second blue trend line that continues at a different angle, tapering over to intersect with the larger bottom yellow trend line. While the top blue trend line goes all the way down meeting the intersection of the second blue bottom trend line and the larger bottom yellow line. Also intersecting at this same place, is a red horizontal support line that shows what seems to be the appropriate hight and support level for the continuation of the larger consolidation pattern happening on the chart. Above the red support line there is a green horizontal resistance line thats held up so far. This pattern is followed by continuation arrows that point down and then up, to the possible continuation of this consolidation.
As for this last weeks apparent Bull Flag pattern a lot of people have been talking about. If you look at the tapering blue lines that meet where the red resistance line intersects with the bottom yellow support line, and take into account the green resistance line, as well as the shape the the larger consolidation, could that mean we're going continue seeing a bearish market for next few months before it goes on a bull run to continue the larger consolidation pattern? Could we see the Euro drop another $0.40+ before bouncing back?
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