EUR/USD: Prices Rise Above The Long-Term Trendline
Leonardo Barata | Jul 02, 2015 12:30AM ET
As prices rose above the long-term trendline (drawn in the daily), supply signals quickly made the prices reverse and come below it again, continuing the downtrend. After the recent gap, there was some buying, seen by the green signal, but as prices reached the trendline, they again reversed on a supply signal. Currently prices are near the previous demand area, which is the key area to be hold or broken; a rally to the trendline and more weakness would mean further down movement, and in that case this demand area would become somewhat meaningless, as the supply in higher prices more than compensated for the demand that there was at this area.
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