Lots of stuff in a confined range
I posted about the EURUSD earlier here, and Ricardo came in with some valued reasons to look for support.
- 100 bar MA on 4-hour chart at 1.0801
- 50% of move up from Dec 3 low at 1.0788
- Low from Dec 3 correction 1.0788.
- Low from Dec 7 at 1.0795
- 200 bar MA on 4 hour chart at 1.0777
Those are some key levels in a 23 pip trading range.
It may ultimately break below this level, but you can expect traders to lean against it as risk can be defined and limited. And whenever that exists (and if there are 5 good reasons), there tends to be buyers willing to buy for a bounce (who knows how far it goes) with stops on a break can. SO look for sellers to take profit in the area. Look for buyers to buy a dip. Look for stops on a move below 1.0777 level (give or take a few pips).
Thank you Ricardo....What a community at FXL!
