I would like to use the GUPPY trend lines for various EMA to illustrate and augment my view on the above.
From the Chart A of M5 as listed below, you too can observe that both the Yellow and Orange Short term Trend lines oscillated between both the Green and Red Longer terms Trend lines ,,indicating a slight Positively Biased Trend, and also the price action did demonstrate the resilience of the Euro . at least seemed to be on Short term basis..
From the same Chart A, you can Spot Three Good Trade Set- ups , labelled as Sell Trade A, Sell Trade B, and Buy Trade C.
If you look at Chart B of H4,, You too can observe that the Short terms and longer terms Trend lines and are in proper sequential Order, and you can derive the VIEW THAT the currency pair EURO/USD shall remain in the Bearish Zone for an extended period.
So the Strategy for the coming week for EURO/USD shall be SELL ON RECOVERY near the resistance 1.2200, as illustrated in my previous Post on the same topic.
CHART A of M5
CHART B of H4
HAPPY TRADING...
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1) How to make a living by trading STOCKS
2)Futures and Options --- How to Trade
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