|Euro Anchor Chart|
We analyze the Euro this morning and we can see a sideways-trading-range with NO higher-highs or lower-lows and a very narrow ‘cloud’ which all suggest there is no trend, which means we will use the trading-range as our biggest clue to buy-the-lows at support and sell-the-high at resistance.
The Euro has traded higher and lower, inside the price-wedge and using our trigger-zones to bounce off the lows and the highs. This is a very obvious price-wedge and a sideways-trading-range that we will trade accordingly. We want to buy-the-lows at support and sell-the-high at resistance of this price-wedge.
|Euro VIP Chart|
The opening-print on the Euro was inside the range from Friday, and price-action moved quickly in the middle of the trading-range which suggests that traders are WAITING on something before they commit to moving price-action higher or lower. We will buy the PLOD and sell the PHOD. If we buy the PLOD our profit-target is at the PHOD, vice versa.