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This is a weekly EURUSD chart.
Looking at it, seems to be that the main trend a daily and weekly base is clearly Long, but, if we look at the prices, as my Price Based Method says, Euro is going to reverse from these levels. Yes, from area 1,0800-50 there could be a reversal of this very strong bullish trend.
WHY A REVERSAL? THE PRICE TELL ALL ABOUT THAT
The brown price, 1,0850 area (or just some pips more) was an important support on the long term for Euro, so it could be a strong resistance per the next weeks. Now we are going to seek a reversal price pattern on a Daily base in order to confirm that EurUsd is going to face lower levels from that.
The blue line on 1,08 (or some pips more), is the area where there could be some sellers. The sellers from this area could be described as:
- Seller who wants to CLOSE Long Position because 1,0800-50 is a TARGET area
- Seller who wants to OPEN Short Position because of the Support/Resistance area. Also, they would be in favor of the long-term trend on monthly base.
WHY 1,0580?
Because it was a very important LOW on the long term. And then, probably from the area 1,0300-1,0600 there could be a very strong Bullish movement on the long term, because of the close of all those traders who think that Euro will go to parity. absolutely imrobable to see EurUsd on the parity because of some factors that i will tell you on the next few articles.
So that's all! Place good trades and follow ONLY the Prices!
Looking at it, seems to be that the main trend a daily and weekly base is clearly Long, but, if we look at the prices, as my Price Based Method says, Euro is going to reverse from these levels. Yes, from area 1,0800-50 there could be a reversal of this very strong bullish trend.
WHY A REVERSAL? THE PRICE TELL ALL ABOUT THAT
The brown price, 1,0850 area (or just some pips more) was an important support on the long term for Euro, so it could be a strong resistance per the next weeks. Now we are going to seek a reversal price pattern on a Daily base in order to confirm that EurUsd is going to face lower levels from that.
The blue line on 1,08 (or some pips more), is the area where there could be some sellers. The sellers from this area could be described as:
- Seller who wants to CLOSE Long Position because 1,0800-50 is a TARGET area
- Seller who wants to OPEN Short Position because of the Support/Resistance area. Also, they would be in favor of the long-term trend on monthly base.
WHY 1,0580?
Because it was a very important LOW on the long term. And then, probably from the area 1,0300-1,0600 there could be a very strong Bullish movement on the long term, because of the close of all those traders who think that Euro will go to parity. absolutely imrobable to see EurUsd on the parity because of some factors that i will tell you on the next few articles.
So that's all! Place good trades and follow ONLY the Prices!
