by Johan Kriek (firstname.lastname@example.org)
Hi fellow traders. I hope your adrenalin are still pumping after today’s moves. It’s now the end of Euroland’s session and midday in the US, so herewith an update of where the EUR is heading according to the Probability Study Technique
Look at the charts below:
In the above 4 hour chart you can see that the previous bearish Major trend has been violated and therefore expect support at 1.3500
The Current trend remains bullish and might possible evolve to become the new Major trend IF the violation is confirmed. I also identified a bullish 60minute trend which reflects the most active cycle within the Current trend but the range is way too large at this stage (this normally happens when price is extremely volatile and when price violates/converges with serious trendline resistance and support)
Now, have a look at the chart below for the probability study:
Above is a 1 hour chart depicting the “intermediate” 60minute trend with a remarkable price pattern called a rising wedge.
The most active 60minute trend is depicted on the above chart and we can now clearly see how this bull trend has been violated to the downside. Therefore the probability is now bearish. In fact, the 1 hour stochastic is bearish as well which means we have a nice trading condition
The wedge breakout should increase the momentum as well.