EUR Choice

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = EUR : Weekly Chart (Posted Below)

Long Term Trend = UP : Short Term Trend = UP

Before I start, I would like to welcome on-board the blog team, Richard Monnery. Richard will be writing his bogs on our sister blog http://www.fxcps.eu/

With yesterdays candle just changing, we have been left with an almost doji right on the trendline. I was wanting to see a big move this week in one direction or the other, so that we could have learnt a lot from it's progress.

Remember Rule #1 The market is always correct.

Also "The trend is your friend"

With that in mind, i thought I would look further. You will see from above, I have stated both Long Term and Short the trend is up, so I went to the weekly chart to get a clearer overview.

You will observe the general trend up, has had a deep retracement before being pulled back up to a Fib breather level. Price has then returned downwards in a orderly manner to find existing support for the 4th time. This has also given us an ascending triangle with an expected move iniment.

More interesting is the candle formation of 3 parts of the letter W, noticable when you stand back from the chart. A break above our RN could be the start to the final part of the W. I have then drawn a parallel line from the support line to the neck of the W, to give some indication of where the move could go to.

We do have a number of fences in our way to reach this estimation, such as RN's, Value Index &
Resistance.

We do have Convergence on the MACD of late with the price and it is pointing UP.

RSI is below 50 and pointing upwards.

Stochastics are showing OS

So our indicators show to be favouring the Bull.

To pull the trigger we would go to a smaller time frame. Have fun !















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst