EURUSD Weekly long legged Doji on massive support
Updated
EURUSD closed the weekly candle with a long legged Doji outside the bollinger band.
Not to mention the massive support zone we have around 1.0510.
This could activate a rocket correction from the last 14 days of downtrend.
Another interesting thing is the movement from November 2015.
After weeks of downtrend the price turned in the last November week at 1.0510 and made a correction of 50% in rocket speed.
Is the same thing going to happen again? If not next week is it going to happen in the first December week (Italy Referendum)?
In my opinion the parity of the EURUSD is still far away. I don't think that we will break the major support at 1.0510 which would pretty much let the EUR/USD put in free fall mode. I think we will see the 1.0950/1.1000 at least before we go further down.
This trade may fit in someones trading plan. For me are the facts above to attractive. Can't just ignore them :)
Entry Level: 1.0600 +/-10pips
Stop Level: 1.0490
Target Level: 1.0950
Not to mention the massive support zone we have around 1.0510.
This could activate a rocket correction from the last 14 days of downtrend.
Another interesting thing is the movement from November 2015.
After weeks of downtrend the price turned in the last November week at 1.0510 and made a correction of 50% in rocket speed.
Is the same thing going to happen again? If not next week is it going to happen in the first December week (Italy Referendum)?
In my opinion the parity of the EURUSD is still far away. I don't think that we will break the major support at 1.0510 which would pretty much let the EUR/USD put in free fall mode. I think we will see the 1.0950/1.1000 at least before we go further down.
This trade may fit in someones trading plan. For me are the facts above to attractive. Can't just ignore them :)
Entry Level: 1.0600 +/-10pips
Stop Level: 1.0490
Target Level: 1.0950
Note
Note
Trade closed: stop reached
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