KEEPING THINGS SIMPLE ON THE EURUSD / UPDATE
(1 day, log scale)
- tops have been tested, but could not get broken (even despite heavy volume)
- we're ranging, now down again
- note that the attempt to break the downward resistance line seems to hae failed
- RSI is showing no bullish signs, though it is holding up. It broke the resistance line, now a retest. However, it's in neutral mode, and did not produce an overbought reading on the most recent leg. That serves as a warning: there's certainly not an uptrend. At least not yet. So instead, expect the downward pressure from the weekly/monthly to take over again, keeping EUR USD in the trading range.
In all: re-test of 1.08-ish is the likely scenario. Again.
Can it then hold, or will the higher time frames finally push it through there? Again, patience is needed.
(1 day, log scale)
- tops have been tested, but could not get broken (even despite heavy volume)
- we're ranging, now down again
- note that the attempt to break the downward resistance line seems to hae failed
- RSI is showing no bullish signs, though it is holding up. It broke the resistance line, now a retest. However, it's in neutral mode, and did not produce an overbought reading on the most recent leg. That serves as a warning: there's certainly not an uptrend. At least not yet. So instead, expect the downward pressure from the weekly/monthly to take over again, keeping EUR USD in the trading range.
In all: re-test of 1.08-ish is the likely scenario. Again.
Can it then hold, or will the higher time frames finally push it through there? Again, patience is needed.
