A big push up early morning as news of US election results was coming out. Both currencies paused at resistance levels and stalled for almost 4 hours before falling.
In general we view above/below our ma's as short term trend, if we are going against them we want significantly more than 1 candle 1 time frame. Focusing on GU, we had a previously identified resistance level, divergence on 1hr and 15 min, 4 hours of hesitation/upper wicks. All together clearly shows the battle to go up and the sell opportunity.
8 Nov
EUR - D engulfing neg close below 50 RSI. 4hr lower high lower low flow resumed. Bias down.
GU - Couldn't manage an engulfing close and there is support at 1.5950. We are below 50 RSI on all 3 time frames. Bias down but there is possibility of bounce at 1.5950/W S1.
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