EURPLN - Trend analysis using Renko
Renko is fine to check support and trend as it removes time from an already too complex equation. For the EURPLN pair, we clearly see the supporting diagonal for the last 8 months. We also observe that the bounce of this summer is repeating right now with a similar intensity. By copying the pattern of this summer, we may expect a small correction towards the (C) point and then waves heading towards the high of end 2014 (which was subject to a testing attempt in december). This opens opportunities for a long trade as soon as the correction is over.
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