weekly price action chart

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Comment by Oasis on April 26, 2014 at 9:57pm

Hi Justin, I saw this at a time when I was considering a possible short signal in the 1.4950 area. That level is not a very strong resistance, but has held a few times since Dec. The attached 12 hour chart shows what I mean.

Yes, the weekly trend is up, but we could also have double topped at 1.5490 area with price to head to the downside. So this analysis leaves me a bit unsure with bias to the downside. I would love to hear further thoughts from you.

Regards

Comment by Justin Bennett on April 26, 2014 at 10:13pm

Hi Oasis, if anything I think a short (with confirmation of course) from the 1.5 area would be a better bet. I personally wouldn't want to go short on this pair anytime soon as it's still looking fairly constructive on the daily and weekly charts.

I don't see much reason to go long or short at this point, but this pair continues to produce levels to watch. Now if we break above 1.5 and form a continuation pin bar, that could be interesting! 

Enjoy your weekend. Cheers!

Comment by Oasis on April 26, 2014 at 10:18pm

Thanks Justin. Yes very constructive on the weekly for sure. Thanks for your quick response. Enjoy the weekend too.

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