Weekly chart analysis for EUR/USD: Signs of reversal?
Hello traders, sometimes, it is essential to analyze the charts in the weekly
timeframe to get the bigger picture of the trend. Of course, it doesn't mean
that you must take your entries on the weekly timeframe.
So, if you look at the weekly chart of EUR/USD, the very first thing that you would
notice is the weekly support around the 1.05 area is unbroken.
Secondly, if are seeing the formation of a base in the level between 1.05-1.06.
So, in the coming trading sessions,if we see a strong impulsive move to 1.0650
and beyond, expect EUR/USD to reach 1.08 and even higher over the course of
the next few weeks.
timeframe to get the bigger picture of the trend. Of course, it doesn't mean
that you must take your entries on the weekly timeframe.
So, if you look at the weekly chart of EUR/USD, the very first thing that you would
notice is the weekly support around the 1.05 area is unbroken.
Secondly, if are seeing the formation of a base in the level between 1.05-1.06.
So, in the coming trading sessions,if we see a strong impulsive move to 1.0650
and beyond, expect EUR/USD to reach 1.08 and even higher over the course of
the next few weeks.
Comment:
Positive for the bulls so far
Comment:
Price holding above 1.0620, let's see if we can get some follow-through
Comment:
Perfect set-up. Price has moved up 57 pips since I posted
Comment:
We have a big bullish candle on the daily chart now
Comment:
Exhaustion evident in hourly chart. Pullback to 1.06 likely
Comment:
Getting closer to 1.06. I would be considering a buy entry if 1.06 remains unbroken
Comment:
4H chart perspective , if price stays above the moving average on the 4H chart, uptrend can resume again
Comment:
The daily chart has a pin bar candlestick. Possibility of 1.0720 in the coming days