(Before It's News)
BarroMetrics Views: Inflection Point – EURUSD
Firstly, a note to say I am going for eye surgery today. If all goes well, my next blog will be Monday.
Turning to the EURUSD -it’s at an inflection point.
- Figure 1, a 13-week swing chart (quarterly trend), shows that a bullish-conviction close above 1.0652 will trigger a buy signal.
- Figure 1 also shows we are currently seeing a retest of the breakout that the form of a weekly sideways pattern bounded by 1.0652 and 1.0339. Acceptance below 1.0339 will confirm the downside breakout.
- If the downside target is confirmed, the first target is 50% of the width of the sideways pattern, 0.9836.
- Figure 2 shows a 5-period, 290-min chart (1-day trend) that may have formed an Expanding Terminal. It’s not perfect. I’d prefer to see a move above the ‘ac’ line and then a bearish-conviction close below 1.0612 (290-min bar) without a bullish conviction close above 1.0683.
- Note that the 290-min extends the buy trigger to 1.0683 from the 1.0652 suggested by Figure 1.
- I would be a buyer only on a daily bullish conviction above 1.0683 that is then confirmed by a weekly bar.
FIGURE 1: 13w EURUSD
FIGURE 2: 290-min, 5-p EURUSD
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