A little bit of action last night in EURUSD, almost reaching the top of the bearish channel drawn yesterday.
(1 hour EURUSD chart)
Price slowly but steadily increased yesterday, following the orange trend line, until it broke above the thick orange resistance line. The thin orange line shows a possible new resistance.
(4 hour EURUSD chart)
The chart above has 100 period moving averages plotted, set to the high and low price of each candle. I've been using this system on the 4 hour chart to judge trend strength, and as you can see, last nights price action is the closest price has been to these averages in more than 4 weeks.
A break above could be taken as a short term buy signal, with a failure to do so a sign to sell.
