Buy looking at EURUSD weekly chart, you can connect trend lines down (blue) which gives you a narrow sideways channel for last 8 years around.. This gives you a global perceptive on this pair, instead of a microscopical 1 minute chart one. What do you notice on this chart?
- Price action has went above both EMA 10 & 50.
- Price action has been in an uptrend for this 2016, so far.
- Bulls or buy traders still control this pair & in my opinion for rest of April.
- RSI trend line triangle is still intact with increasing price action, which should break out of top of RSI triangle soon.
- Yes, to me A -B-C or correction waves for last several years appears to be done.
*For safety & money management, I will be looking for trades with trend or upwards for next few weeks, with this pair.
- Price action has went above both EMA 10 & 50.
- Price action has been in an uptrend for this 2016, so far.
- Bulls or buy traders still control this pair & in my opinion for rest of April.
- RSI trend line triangle is still intact with increasing price action, which should break out of top of RSI triangle soon.
- Yes, to me A -B-C or correction waves for last several years appears to be done.
*For safety & money management, I will be looking for trades with trend or upwards for next few weeks, with this pair.