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THE ES REMAINS STUCK INSIDE THE PERSISTENCE ZONE ON THE WEEKLY PROFILE TOP AT 1408.25 AND BOTTOM IS AT 1387.50. BULLS AND BEARS ARE FIGHTING FOR CONTROL OF THE MARKET ON THE WEEK AND IT SHOULD REMAIN EXTREMELY VOLATILE. A NEW MONTHLY PROFILE IS FORMING CURRENTLY UNTIL IT COMPLETES AND PLOTS THE NEW LEVELS WE HAVE TO FOCUS 0N THE CURRENT ZT PIVOT ON THE MONTHLY AT 1393.00 TO LEARN MORE ABOUT THE METHOD TUNE INTO TODAY'S WEBINAR AT 1:30 PM PST OFFERED THROUGH TRADERS KINGDOM.
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The emini sp is currently in a key price range with the bottom of the range falling at 1387.50 and the top of the range at 1408.25. This area is the persistence zone on the weekly profile within Derivative Concepts proprietary trading method called Zone-Trader Philosophy, and it represents where the fight is the greatest between the bulls and the bears. Today the ESM12 opened inside this zone suggesting there is no control bias and the bulls and the bears are currently fighting for control of the market on the week. This tells us traders to expect an increase in volatility and a whipsaw price action, which will lead to stops being run on both sides of the market. The Zone-Trader Pivot on the Monthly Profile is currently falling at 1393.00, since this is the point of control we can utilize this price level to determine trade direction. If the ESM12 is above 1393.00 and making new highs look for buys on the short term, if it is below 1393.00 and making new lows look for sells on the short term. This should help keep day traders on the right side of the market over the next few trading sessions. Also take note of the half and quarter lines that fall within this zone which is designated in orange as they will play a role in support resistance and direction as well.

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The pair closed yesterday above the downside correctional channel’s resistance shown below, which keeps the chances for the pair valid to achieve yesterday’s proposed bullishness, especially that the pair is approaching oversold areas.

Trading stabilized above the resistance for the descending correctional channel shown below

We can see that the pair was successful in retesting a previously breached pivotal resistance level that turned into support at 0.7970

The euro succeeded in breaching the critical resistance mentioned yesterday near 1.4440 activating the bullish pattern shown below.

The Euro found good support at 38.2% Fibonacci at 1.4155 to rebound to the upside supported by the positivity on Stochastic which is starting to gradually decline, reaching overbought areas.

The Euro approached the first target awaited yesterday around 1.4455 and reversed to the downside after recording the high of 1.4440 affected by the negativity on Stochastic.

The Euro stabilized above 1.4325, the neckline for the bullish pattern shown below.

The Euro ended yesterday below 1.4325 areas, which keeps the suggested weekly scenario valid supported by the negativity on Stochastic.

The upside move stopped at the retest for the breached support at 1.4325 which the MA 50 protected.

The Euro rebounded from the effect of positivity on Stochastic, which was fully unloaded over four-hour basis.

The Euro clearly breached 38.2% Fibonacci correction and stabilized below it, signaling further downside movement over intraday basis.

The euro continued the strong downside move affected by the bearish technical pattern mentioned at 38.2% Fibonacci correction at 1.4155.

We can see that crude oil prices had found strong support at the 38.2% Fibonacci level for the upside wave that started from 67.15 to reach the top recently at 114.80, and this level is located at 96.60, which is also near the support of the short term upside channel, and that could signal that trading will continue to be normal within this upside channel and extend the general bullish trend.

Despite the upside bias seen yesterday, still the daily closing was below 23.6% Fibonacci correction that resides with the MA 50 at 1.4455.

The Euro has been trading with an upside bias since yesterday, affected by the positivity on Stochastic that was mentioned before, while the pair approached the retest of 23.6% Fibonacci from below.

The Euro declined sharply on Friday affected by the bearish pattern mentioned, where the pair breached 23.6% Fibonacci correction extending the downside move.

The strong downside move seen yesterday breached in the intraday ascending channel’s support and the critical areas of 1.4560.

The Euro reached the support for the ascending channel organizing the current wave as shown below, while Stochastic provided oversold signals.

The pair continues to trade within the minor ascending channel shown below, while Stochastic provided negative signals that might push the pair towards 1.4560 before resuming the intraday upside move for today targeting 1.4880.

The Euro rushed to the upside consolidating at 1.4600 after it stabilized above it, while the MA 50 continues to offer more support for the current upside wave.

By examining the daily chart, we can see that the index is still trading within the main upside channel that started from the bottom at 665.75.

The Euro reached the awaited areas at 1.4560 and rebounded to the upside in an attempt to stabilize above 1.4600.

The Euro has been trading within a tight range since morning with a slight downside bias aiming at 1.4560.

The Euro continues the upside move towards the main target awaited at 1.4875, the retest for the breached ascending channel’s support.

The Euro is now testing the pivotal resistance at 1.4455 and trying to stabilize above it.

The Euro consolidated between the resistance level at 1.4466, which push the pair to the downside yesterday, and the SMA 50 which keep the upside wave on intraday

The Euro consolidated on the 50 EMA which formed a support that  pushed the  pair to the upside, the pair is approaching toward the breached 23.6%  Fibonacci retracement level  which turned into resistance at 1.4455.

The EUR|USD consolidated on a retest  of the previoulsy breached minor resistance shown on chart below, where the 50 SMA is also supporting  the resistance level.

The Euro found strong resistance at 1.4280 which is the conjunction of the minor downside wave’s resistance and the MA 50.

The pair was mixed yesterday and it was good to remain neutral, while Stochastic continued to provide positive sings over daily basis.

The Euro remains steady above 1.4150 with consecutive four-hour closing above it, while Stochastic continues to offer positive signals supporting the upside bias for the pair.

The Euro is trading at the mentioned retest areas of 1.4150 while the positivity on Stochastic continues to push the pair higher.

The Euro is trading with an upside bias since morning to retest 1.4150 areas.

The Euro maintained stability below 1.4150 with the second consecutive daily closing below it, which keeps the downside correction valid.

We can see that oil has taken a sideway wave after the huge drop recently, where crude oil prices dropped after touching the resistance of the main upside channel as shown clearly below in the chart.

The SMA 50 held the EUR USD pair from moving to the upside last week, pressuring the pair to the downside below the critical support at 1.4150.

By examining the daily chart, we can see that gold prices continued to trade within the main upside channel, which took gold from 681.20 to the current levels, within this upside channel, a minor upside channel over the short term emerged, as shown in the chart below

The euro maintained its stability above the 38.2% Fibonacci correction at 1.4150 supported by Stochastic that is supporting the pair to the upside.

EUR USD continues to trade around the critical support at 1.4150 with stability above it due to the negativity on momentum indicators.

The EURUSD pair moved to the upside yesterday, where the daily closing was at the neckline mentioned for the bearish pattern at 1.4150.

EURUSD moved to the downside to break through the critical 1.4150 support, the neckline for the bearish pattern shown below which resides with the 38.2% Fibonacci correction.

EUR USD reversed to the upside to end yesterday above the critical support at 1.4170.

The Euro continues the negative pressure to breach the critical support at 1.4170 ignoring the clear positivity on momentum indicators.

EUR USD did not go along with the set conditions for the bullishness and breached the ascending channel’s support as shown above.

The weekly chart is showing us how natural gas is still trading within the main upside channel, which represents the upside correctional trend that started after touching the trough at 2.334

The Euro reached the support for the main ascending channel and reversed to the upside with hourly closing above 1.4340.

After the huge drop which took the index from levels at 4515 to the bottom at 1760, the index started an upside correctional wave within a main upside channel that represents the general bullish trend over the medium term

The Euro is still hovering around the support for the main ascending channel, with the fluctuations around buying areas for the channel as shown below.

EUR USD has been trading with an upside bias since morning and approaching 61.8% correction previous breached and now a resistance at 1.4455.

The Euro continues the negative pressure to stabilize below the support for the main ascending channel, which is a very negative signal confirming the downside correctional move.

From a technical point of view and after the severe drop for gold yesterday, where gold prices managed during the past period to reach near the resistance for the main upside channel that controlled its general trend from the 681.20 level.

By examining the weekly charts, we can see a number of positive technical factors that are controlling the index’s movement over the short and medium terms including:

EUR USD is still trading below the breached support for the ascending channel since the start of the day and we are awaiting the consolidation at the first correction level of 1.4725.

The Euro is attempting to breach the support for the minor ascending channel shown above, which might push the pair to move to the downside in correction due to the negativity on Stochastic.

The Euro remains stable above the support for the general upside trend where the pair returned to stabilize above it as shown above.

EUR USD is trading with an upside bias approaching the top recorded yesterday around 1.4880.

The tight range trading yesterday provided Stochastic with upside momentum as seen over four-hour basis after going towards 23.6% Fibonacci correction shown below.

By examining the daily chart, we can see that gold is still trading within the main upside channel, which started the general upside direction from the 681.20 level.

EUR USD rushed higher approaching 1.4900 with signs of a minor ascending channel organizing intraday trading.