We're back in familiar territory as another test above 1.1500 reverses

There's a reason why we should always be asking questions of a price. Can XZY stay above 123? Can ABC stay below 789? The answer is always simple. If you can't stay above something, you're below it. If you can't stay below something, you're above it.

Anyone in the world can use those two simple questions to trade successfully. Easy peasy right?

EURUSD daily chart

After the run above 1.1500 got everyone excited, we now find ourselves back below, and even lower than the old 1.1450 level, and possibly heading back below 1.1400.

The evidence is stacking up that we've seen yet another failure above 1.1500. I was sceptical of the move up, given the drivers of it but it doesn't matter the reasons why, all we had to ask is, could the price stay above 1.1500? It couldn't and here we are. The answer to that question should define our stops, should define whether a strategy was right or wrong, or whether it was right but went wrong and it's time to bail.

Use the tech to define where you ask the questions. The tech levels are usually places where the question has been asked before so half the job has been done for us.

Now the simple questions are, can we stay above 1.1400, or below 1.1450? Find an answer and you have your trade.