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Hi traders,
Once again another compelling case study EUR/USD traded to its highest level in three weeks this past week. EURUSD has retraced significantly off its lows. Price reversal has been accompanied by an increase in volume. “Whenever we see price move counter to the trend, we want to gauge how strong the move actually is. This means we want to see price retrace significantly AND see a larger than average amount of trading volume throughout the move. The larger the move and the more real volume backing the move, the more likely the reversal is to continue.” The chart below is a EURUSD Daily chart using Real Volume. I have highlighted the area to focus on. We can clearly see the EURUSD has reversed from its low of $1.05 up to $1.10. Because volume was so great during this counter trend move, this gives me reason to believe that this bullish run could continue in the future. But having said this, I am still in a bear camp and believe, this counter wave higher is a corrective wave till it proves me wrong otherwise by closing above the resistance level of 1.1245 on a daily chart with high Volume.
Good Luck Trading
Once again another compelling case study EUR/USD traded to its highest level in three weeks this past week. EURUSD has retraced significantly off its lows. Price reversal has been accompanied by an increase in volume. “Whenever we see price move counter to the trend, we want to gauge how strong the move actually is. This means we want to see price retrace significantly AND see a larger than average amount of trading volume throughout the move. The larger the move and the more real volume backing the move, the more likely the reversal is to continue.” The chart below is a EURUSD Daily chart using Real Volume. I have highlighted the area to focus on. We can clearly see the EURUSD has reversed from its low of $1.05 up to $1.10. Because volume was so great during this counter trend move, this gives me reason to believe that this bullish run could continue in the future. But having said this, I am still in a bear camp and believe, this counter wave higher is a corrective wave till it proves me wrong otherwise by closing above the resistance level of 1.1245 on a daily chart with high Volume.
Good Luck Trading
