Sproule Trend Strength Indicator

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Summary

EURUSD - bearish long term trend - confirmation if the price drops below 1.0349.

Details
The EURUSD daily chart below is clearly showing a long term bearish trend on the Sproule Trend Strength indicator. The current trend strength is still below both the zero line (-45) and average line, and this looks like it will remain there with the possibility of the price ranging in the run up to the Chrsitmas break.

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Looking closer at the prices on the 4 hour chart below, the down trend continues with a slight pullback starting to appear on the Sproule Trend Strength indicator but the strength (-38) is still below the average (-29).

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Looking at the hourly chart, a pullback has just completed and the Sproule Trend Strength indicator is showing that the bear is starting to take hold again and prices are moving down. Prices dropping below 1.0349 will confirm the continuation of the bear trend.

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it is true since the idea of ​​the probabilities that such a trend will follow its course. Indicators such as ADX and VHF have the most important function of determining if a value is trending and what its strength is. They don’t provide direction information just about their strength

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