Thoughts on Euro Daily Chart

Posted by Bruce Levy on

The Euro is consolidating on the Daily charts, we can take a look at the levels outlined to see how buying/selling activity on the close of each bar by systematic CTA funds has an affect on future price action activity due to the creation of support/resistance. 

In addition, I have outlined stop-run locations and targets.

What I also find most interesting is that we have found an NR3 Inside Day Pattern (Narrowing Range for 3-Days). This coil mean price is getting ready to breakout. Regardless of direction, what is important is the reaction based on liquidation of traders that are wrong which will further fuel a directional move.

Chart shown is the Micro EUR/USD Futures Chart.

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