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Wasn't it just because this level got tested twice on 14th (resistance) and tested again as the low in the asian session (support)?
Or do you also want confluence with fib zones?
I have a few forex trading strategies that I've been back-testing and trading for the past several months, all of them are very bearish on the EUR for the short term. Just my 2 cents..
Daily. Continued divergence, near monthly outer SD VWAP band, failure to make new highs above September 14 high.
Medium chart. Chart is still more bullish than it is bearish. Delta is virtually sideways with no real conviction either direction. Need to either see a test of 3900's fail again to start feeling more bearish, or need to see a breakdown below 3500. This is relative to this particular chart, and has a big offset simply because of the huge 9 day rally we had moving the market over 700 ticks. It is likely we will see less volatility than that in the short term, so a smaller chart may be needed.
Small chart. Here we're looking at 1 week of price movement, and see that we recently have changed the direction of the trend from bullish to bearish -- provided the movement we saw today is sustained into tomorrow.
One uptrend line has been broken, but another below it is still in place. That TL comes in at around 1.3600.
Seems like mixed info. There was SOT at the highs an we have sold off, but there is SOT on the small downtrend channel as well and we may have sprung from the 1.3650 area. Does not mean new highs, but the potential is there.
SOT=Shortening of the thrust. Price unable to reach the opposite trend line of the channel.
