Following my post “160826fr 1700EST EURUSD New York Close Analysis”, Victor Lew was kind enough to highlight the trendline on my chart in his post “Miles, check this out!”.

Here’s his message and highlighted trendline:

“I added something to your daily chart. Truly nice, solid trendline you drawn there. Since this is a collaborative community, feel free to comment. Any feedback is welcome.”

EURUSD D1 v1

Here is my answer: "Yes Victor, you got my point. Also note that the retest of the trendline from below is confluent with the Monthly Pivot Profit Zone for the month. Price was rejected at MR2 pivot. Now price is approaching a critical level because it's at a higher low of the uptrend in place during this month. Bulls will want to buy there. To know if bulls or bears will win this battle we have to wait for US data coming out next week to give us the pulse of how the US economy in doing (PCE and Core PCE on monday, Personal Income and Dallas Fed Manifacturing, ADP on Wednesday and of course the almighty NFP next friday!). Since you're interested in this trendline and to give you the complete picture, I'll publish another post so that I can attach the chart." Ok here is the chart:

EURUSD D1

As you can see price traded into an upper channel, then broke the support trendline and started respecting it as a resistance trendline. The first flag continuation pattern was broke to the downside but then price double bottomed and a second flag started to form. Where EURUSD will go from here is not much technical at this point, but rather is in the next week data I outlined above, and in the Fed's rate hike decisions. UPDATE Victor removed he's previous post and and published a new one called "Miles check this out, version 2 :)", where he updated the chart he highlighted:

EURUSD D1 v2

UPDATE - Victor removed he's previous post and and published a new one called "Miles check this out, version 2 :)", where he updated the chart he highlighted: I would say the 1, 2 ,... is possible technically but not probable fundamentally. As I wrote above it's all up to next week US economic data and how the market will think the Fed will interpret and react to that data. Any other idea and comment is of course much appreciated.

2 thoughts on “Re: Miles, check this out! – Here’s my feedback and complete picture”

  1. victor lew says:

    Thank you very much for your friendship and explain in great length on my query, Miles, May you be bless with many pips ahead..

    1. Miles says:

      Thanks Victor, you’re welcome

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