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Technically not a supply confluence, price must have a mild violation or touch. Saying that, the channel is drawn perfectly, clearly rejecting yesterday's low.
In a lovely downtrend, importantly note the last 4 drives down from the previous high (approx 1.3600) wide spreads closing weak, with poor attempts to buy after each drive down - sellers have control of this market.
A little unsettling that price didn't manage to test the demand line, we held around 1.1600. In my minds eye, i'm thinking why? Higher time frame structure? For whatever reason demand came in earlier then expected, ergo there is some demand in this market, however from this chart one would expect lower prices. An important area to watch if short, is around 1.1600 not only did we hold, there is evidence of good buying, if this breaks, no reason why price cant touch the demand line around 1.10600 (unless higher time structure is applicable)
Can you help answer these questions from other members on NexusFi?
Thank you for chiming in. Appreciate your insights. I hadn't considered the subtle point of demand coming in early. That is one thing to keep in mind.
I did take a short yesterday at the arrow, in the wick of the blue bar when it took out a local double top. I took one lot off already, perhaps too early. My projection for the 2nd lot is a measured move at the 50% extension of the most recent downleg. That should also coincide with the demand line of the channel. That's if it makes a new low.
EDIT: More demand came in I guess. Exited my short position with that higher low.
"It does not matter how slowly you go, as long as you do not stop." Confucius
EURUSD has had a good run upwards since April, but it's starting to look like it's out of momentum. I would be wary of taking trades on EURUSD until some pattern becomes more apparent. However, I would take a long trades if it pulls back to 1.1950 for a good entry. I would target 100 pips if so.
looks like positive momentum is regaining its footing... I see resistance at 122 or so. Looking to see it break thru and test as support. From the pull back last year between Sep and Nov we have higher highs and higher lows. if it starts trading above 122 than target price would be 125 longer term. IMHO
Resistance held at around 122 level and reversed sharply on daily time frame. Now sitting on important price support. If it breaks support a good target price for me is around 117
I've recently noticed occasional posts here on the 6E which I've been trading exclusively for years.
Posting these three 6E analysis charts...12.20, 6.21, 8.21 which may be of use to some.
I generate charts daily for my own trading purposes and can route some here if there is interest.
