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This is how to read the EUR move - Are we starting the uptrend?

Reading the market is not easy, but it is feasible to do it using a single tool: Weis Wave with Speed Index. This tool is not for every trader, this tool is suitable only for traders that like to understand what's going on in the chart they read and not trade just because an indicator says so.

Enjoy how I read the EURUSD chart:

  1. We have been ranging on a Fib are of around 80 pips

  2. Fast move down with SI of 2.7 - is a Fake move during news without volume and not justified.

  3. Market tries to go lower and it does for a few pips while the immediate reaction is a large up wave with heavy buying. What's important is the reaction after the up wave to confirm the buyers.

  4. The reaction down waves have Abnormal Speed Index numbers 33.2 and 61.5. This is telling us that price has a hard time to move down because all the sell orders are absorbed by buy orders.

  5. Finally the PRL signal from Plutus confirms the whole previous reading and provides our entry signal.

I hope this helps!



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