No Change Today
Good Afternoon Dynamic Traders
We’ve broken the back of the week now and the weekend is insight. I hope like me your having a good week trading.
I thought that I would try and be clever and update 2 crosses this week as there seems to be slow progress from the Yen. This kind of back fired a little bit as the EURUSD doesn’t seem to be breaking the pivot point I highlighted on Tuesday’s update.
Instead we were met with a doji and currently price seems to be showing bearish characteristics.
Why is this?
You will notice in the day chart below that price has risen to a key RN, which is obviously proving tricky for price to beat seeing as it has already failed once at this point. There are more factors involved which would also help to explain why price is struggling and potentially might make us think that the uptrend has ended.
Can you see these factors? I will reveal all tomorrow, but to give you a clue, check your notes on reversal formations.
Happy Trading
Richard Monnery
We’ve broken the back of the week now and the weekend is insight. I hope like me your having a good week trading.
I thought that I would try and be clever and update 2 crosses this week as there seems to be slow progress from the Yen. This kind of back fired a little bit as the EURUSD doesn’t seem to be breaking the pivot point I highlighted on Tuesday’s update.
Instead we were met with a doji and currently price seems to be showing bearish characteristics.
Why is this?
You will notice in the day chart below that price has risen to a key RN, which is obviously proving tricky for price to beat seeing as it has already failed once at this point. There are more factors involved which would also help to explain why price is struggling and potentially might make us think that the uptrend has ended.
Can you see these factors? I will reveal all tomorrow, but to give you a clue, check your notes on reversal formations.
Happy Trading
Richard Monnery
Labels: EUR
posted by Richard Monnery @ 11:50
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