From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H1/M15.
Currency pair EURTRY from the start of trading moved north. It’s worth paying attention to how technically is the market moving. Regularly respects each defeated resistance, which then re-tests as support.
As a result of the recent dynamic growth market in January set new highs. We see a downward correction, and that the level of 3.45 has not yet been tested from the top (as support), we expect the declines to continue even in its surroundings.
Looking at the weekly chart we see that the said level of 3.45 precisely coincides with the measuring of 61.8% Fibonacci correction of the last growth impulse. It would seem, therefore if the market actually reaches this support in its neighborhood we could expect appearance of bullish reaction.
On the daily chart, we see that despite the emergence of demand response, yesterday market overcame the growth trend line. It should be noted, however, that to reach this level of 3.45, we would first have to overcome two important supports at 3.79 and 3,62.
Taking a look at the interval H1 we notice that after rejection of the growth trend line market reached and re-testing rejected defeated earlier level 3.94. As a result of yesterday’s decline price has overcome trend line and support 3.90, which so far has not yet been tested from the bottom (as resistance). It would seem, therefore that in near future we could expect at least a bullish correction and re-test of this level.
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