Weekly chart:
This valid trend is in a very mature phase, and was in its seventh correction already. But the subsequent movement was interrupted, causing the price to go back into its red correction zone once more. Now it seems as though the trend will continue, but caution is required here, since the trend is very mature and a large, direct trend continuation is highly unlikely. In this case, be careful with short trades.
Daily chart:
The situation in this trend size is very unclear. After the trend break at €1.10864, the price slumped right down to the current low at €1.08341, thereby producing a trendless situation which is forcing us to stay on the sidelines.
Hourly chart:
In the hourly chart we see a very mature downtrend as well. The price is in a correction, and if the price can break the last point three at €1.0881 with a close, we will have a trendless situation which will also make us stay on the sidelines for the moment.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Trader asset management
BORN STAHLBERG & Partner
AgenaTrader Trading Software
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