EURUSD: The pair closed lower the past week following its price extension. Support lies at the 1.0900 level. Further down, support lies at the 1.0800 level where a violation will aim at the 1.0750 level. A break of here will aim at the 1.0700 level. Conversely, on the upside, resistance comes in at 1.0950 level with a cut through here opening the door for more upside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1100 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. All in all, EURUSD faces further downside risk.
I'm learning terminology, so I wish to clarify that in the context of your analysis the term price extension means that the current candle closed lower than the previous candle, or previous two candles. Is that correct?
Please excuse me if I post in the wrong thread, but my question will be interesting for most of newbies here. My question is for traders with experience: Which patterns are most profitable? Thank you in advance.
What's Good everyone, I came across this thread from the hall of fame list, lot of great info in here so I wanted to add my two pips... Been working on my S/R lines and spotted this PA on my weekly run down of the charts... The pin might not be big enough, but just want to know if I'm on the right track... USD/CAD D1
Pair has been bearish since 2/16, hit a low of 1.2500 around 5/16, slow choppy bull trend ever since. I know this is a counter trend but it's near a big round number /swing high of 1.3400. Looks like R at 1.3350 and 1.3300 my plan if I were to take this would be to look at 1.3250 to TP if I was aggressive but would probably be conservative and take profit earlier perhaps at 1.3300 or I could be totally wrong and this is not a A+ setup in which case never mind!