Browse Symbol Stacks: EURUSD: EURUSD_Daily_Trendline_June222015.jpg

EURUSD_Daily_Trendline_June222015.jpg

Shifting from the weekly to the daily chart on the EURUSD, price is nearing the primary downtrend line from the May 2014 ECB slamfest (which reignited volatility in currency trading worldwide). 

Notice the convergence with the low from 2005. 

Somewhere in-between 1.16-1.17 looks like it could serve as technical resistance next.

Comments

SkipperleejonesSkipperleejones
I've had my eyes on this one for a while. I see the potential for a HnS BOTTOM even though fundamentals would argue the opposite.. 6/23/15
moneymiser21moneymiser21
Skipp, the so-called fundamentals mean little for the individual trader. Price-Action is the only thing that matters. 
 
I dont see the inverted H&S bottom forming here. More likely we're going to chop sideways for a while until enough larger traders build up a position one-way or the other. 6/23/15