The following Monthly chart of EUR/USD Forex pair shows that price has been bouncing (generally) between 1.15 (dotted yellow horizontal line) and 1.08 (solid yellow horizontal line) since February of this year.
At the moment, 1.15 is defined by a confluence of a Fibonacci fanline and a falling trendline...1.08 sits around the lower one-third level of the large price range between the 2000 lows and the 2008 highs.
Bulls will need to reclaim, firstly, the 1.15 level, then 1.19 and 1.21...Bears will need to drop price below 1.08 to, potentially, 1.02 or lower. However, price support is much lighter at 1.02, as shown on the TPO Profile along the right edge of the chart, so price could slice right through that level before finding stability at a much lower level -- the lower "value" level (blue horizontal line) of the TPO Profile shows that near-term price support sits at 1.10...an important Line-in-the-Sand level for Bulls to hold and Bears to break.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.
* If the dots don't connect, gather more dots until they do...or, just follow the $$$...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Dec. 14 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Wed. Jan. 4, 2023 @ 2:00 pm ET - FOMC Meeting Minutes
* Fri. Jan. 6 @ 8:30 am ET - Employment Data
* Wed. Jan. 18 @ 2:00 pm ET - Beige Book Report
* Wed. Feb. 1 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
*** CLICK HERE for link to Economic Calendars for all upcoming events.