Analysis for swing traders
Inspection at weekly timeframe shows EURUSD stuck between two shadows marked R for resistance S for support. Until conclusive break out of this zone the pair is range bound. For rest of this week it will hold since US celebrates Independence Day and then there is NFP this Fri. Swing traders should look for next turning point to short continuation. See notes below how R and S are arrived.
Analysis for day traders
Look for range trade between R and S. Follow short term indicators.
Notes: Technical Analysis states that previous turning points offer future potential support resistance zones.
1. Attach a horizontal line at each turning point in the past 12 months on weekly chart.
2. These lines leave a shadow.
3. Shadows are not evenly dispersed but tend to be clustered.
4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance.
5. Look for dark shadow to offer next turning point.
6. Price will move quickly through empty spaces or bright areas.
Inspection at weekly timeframe shows EURUSD stuck between two shadows marked R for resistance S for support. Until conclusive break out of this zone the pair is range bound. For rest of this week it will hold since US celebrates Independence Day and then there is NFP this Fri. Swing traders should look for next turning point to short continuation. See notes below how R and S are arrived.
Analysis for day traders
Look for range trade between R and S. Follow short term indicators.
Notes: Technical Analysis states that previous turning points offer future potential support resistance zones.
1. Attach a horizontal line at each turning point in the past 12 months on weekly chart.
2. These lines leave a shadow.
3. Shadows are not evenly dispersed but tend to be clustered.
4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance.
5. Look for dark shadow to offer next turning point.
6. Price will move quickly through empty spaces or bright areas.
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