EURUSD update

EURUSD update

A and B = are mid-term range lines. This range was formed previously between 1.07 and 1.09.

1/ This is a Demand-Bar. Note the volume. It represents the effort of bulls to break out above the resistance line.
2/ Development of the bullish impulse. The resistance is near. This is C target line, it could be calculated as C= A+ (A-B) = 1.11
3/ Oh, Low Volume Zone, this is an Indecision moment.
4/ Opening on Tops, Long Tail Down. I suppose it was a Bearish activity that pressed price down. Next two bars – down, confirmation of the supply is entering.
5/ SLKT. Price produced fakeout above 1.111, attracted Breakout-bulls in Trap and Triggered SLs of Sellers above C line. This is a very bearish movement. Expect the decline from this moment as Chart plotted bearish sequence around 1.111

6/ Some support entered around old support 1.107 line A. Spike in volume could be interpreted as the minor Panic around line A. Some sort of bullish impulse could develop from here, but I don’t believe in big bullish success with that clear weakness overhead.

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