With EURUSD trading sideways within a Triangle on the 1D time-frame ever since the November 24 bottom, it helps our perspective if we zoom out on to the wider time-frames. I am using the 1W in particular (right side), which captures the price action since January 2020 (2 year price action).
The indicator I use to compliment the price action is the CCI. As the 1D chart (left side) shows, that is neutral and scalping within the Triangle is the best course of action here. The 1D MA50 is right above the 1 month Resistance Zone and will play a major part as it has been untouched since September 16. A break above 1.13610 (if the sideways trade continues during next week as well, then it is where the 1D MA50 will most likely be at the time), the technical bullish break-out target should be the 1.618 Fibonacci extension at 1.1440. On the other hand, a break below 1.12340, should target the -0.618 Fibonacci extension at 1.11560.
The 1W chart though shows a different perspective long-term. The CCI in particular got oversold on the week of the November 24 bottom and has been rising ever since. This is an early indication that, even though EURUSD has been consolidating within the Triangle, the buying sentiment gradually gains some momentum. The last two times that the 1W CCI was that oversold and started rising that fast was on the Feb 17 2020 1W candle and the March 29 1W candle. Both candles formed bottoms and rose by +6.60% and +4.70% respectively. A new +4.70% rise from the November 2021 bottom would push the pair a little over 1.17000, which would test the 1W MA50 (blue trend-line), which is the long-term trend's Pivot Point and will decide its future price action.
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The indicator I use to compliment the price action is the CCI. As the 1D chart (left side) shows, that is neutral and scalping within the Triangle is the best course of action here. The 1D MA50 is right above the 1 month Resistance Zone and will play a major part as it has been untouched since September 16. A break above 1.13610 (if the sideways trade continues during next week as well, then it is where the 1D MA50 will most likely be at the time), the technical bullish break-out target should be the 1.618 Fibonacci extension at 1.1440. On the other hand, a break below 1.12340, should target the -0.618 Fibonacci extension at 1.11560.
The 1W chart though shows a different perspective long-term. The CCI in particular got oversold on the week of the November 24 bottom and has been rising ever since. This is an early indication that, even though EURUSD has been consolidating within the Triangle, the buying sentiment gradually gains some momentum. The last two times that the 1W CCI was that oversold and started rising that fast was on the Feb 17 2020 1W candle and the March 29 1W candle. Both candles formed bottoms and rose by +6.60% and +4.70% respectively. A new +4.70% rise from the November 2021 bottom would push the pair a little over 1.17000, which would test the 1W MA50 (blue trend-line), which is the long-term trend's Pivot Point and will decide its future price action.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.