We are finding out that this range could be a continuation but it has to break up higher which means 1.0200 will have to be taken out. We are finding out that the previous area (circa 1.0042) served as strong support. But it is still in a range. The market has not fully decided - it is just favoring the upside. Take in mind this is end of year price action - be careful - as you can see it has been choppy.
(refresh for charts - adding in 10 minutes - or if from exterior site go to real link
My indicator "The Last Jedi" caught the major moves in the market even in these tough end of year conditions. It does not repaint. It's not free but you can get further details and purchase here.
The horizontal lines were manually drawn. They are visually chosen levels that serve to filter out the small moves. The concept is to buy crosses above and sell crosses below the horizontal lines.
Here is the same move as above with stronger horizontal filter lines. It captures the 2 major moves while the market consolidates in the weaker ones:
*note that the market was irrational do to the post holiday and end of year trading so the first move in particular would have been harder to jump in on (surely not a loss) just harder to capture maximum profit . Contrary (and without as much risk from the volatility) the next move was completely workable for sizable gains since the price action slowed down a bit and the currency began a smooth trend rather than desperately trying to find support. The Last Jedi was not fooled in either case. The 1st trade was actually feasible it just required more skill and I'm pointing out the differences between the 2 big moves that occurred nearly back to back providing a rare opportunity to win big in both directions.
The Last Jedi
The Last Jedi will not be defeated!
By Neal Vanderstelt
Forex Trader, Market Analyst, Trading System Designer
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