The pair have moved towards , but not quite reached channel bottom.
The last candle is interesting....
One first glance it appears as a pinbar , with a longer tail to the downside.
Look again , its only within 20 pips of being a spinning top.
This tells me the buyers and sellers of EURUSD are fairly evenly matched around 1.1100 , which has acted as a support level for the past 14 weeks.
My bias is short ( set by the 200 MAV) , but not at this price level...
The area of interest is closer to
1. 20 W moving average
2. Top of channel
3. Monthly R1 pivot
The area for targeting is
1. Monthly S2 pivot
2. Area of past support.....
The last candle is interesting....
One first glance it appears as a pinbar , with a longer tail to the downside.
Look again , its only within 20 pips of being a spinning top.
This tells me the buyers and sellers of EURUSD are fairly evenly matched around 1.1100 , which has acted as a support level for the past 14 weeks.
My bias is short ( set by the 200 MAV) , but not at this price level...
The area of interest is closer to
1. 20 W moving average
2. Top of channel
3. Monthly R1 pivot
The area for targeting is
1. Monthly S2 pivot
2. Area of past support.....