Hope you all had a good weekend, here's my take on today's EU action;
5min chart on the left, 15min on the right.
I've marked the highest volume 15min bar from last Friday and the high, 50% and low of this bar is marked on the 5min as well. I thought a test of the 50% from last Friday's bar would be good for a long, I still stand by that, but it didn't happen. So what did happen?
EUR/USD 5 & 15min
We pushed down through the low at A on the highest volume of the day. Now, is this strength? It's high volume on a down bar after all. Or is it absorbing the demand from this time last week when we got a 100 pip move? At first, my thoughts moved to the latter, considering the trend we had during Asia and London I thought this may be a continuation of that move. We got a further push down and I was all set to look for ND into the low of A. But again, we didn't get this. We moved around sideways for a while before pushing up out of the range of A. It seemed as if the potential strength at A had been proven. I was looking for longs. In the end I didn't get a trade off and had to go to work.
I've marked the 2 bar reversal as a potential entry as it bounces off the 50% of A. It has the properties of the reversals I spoke about in a recent post but i'm waiting to hear back from a friend as to whether he considers this a viable entry.
Cheers,
Liam
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