EURUSD Multiple Timeframe

In Charts on January 4, 2014 at 7:46 pm

A look at EURUSD in multiple timeframes, from Monthly down to H4.  The daily and weekly charts lean bullish for me, but the monthly chart is mixed.  The shortest timeframe H4 chart is bearish as we enter the first full week of trading so I have no interest in starting a long position yet.

1. Monthly. General downtrend, but strong moves in both direction.  Could be approaching a lower high; but we did not achieve a lower low at the last swing. Price is above some longer term moving averages, and the faster 13ema is about to bull cross the 50sma.  Not obvious one way or the other, so cautious.


2. Weekly shows support and resistance in the 1.36-1.39 region, particularly at 1.37 which bears will want to hold as resistance.

2014 01 04 eurusd w1

3. (Weekly) The 52-Week Donchian trend is up, but has ranged for the last many years with only medium term trends being established.


4. Daily channel is in an uptrend, and moving averages are generally holding (50 day sma may have failed on Friday Jan 3rd).  Price is right in the middle of the channel, and within the vicinity of 1.37 which is a key area.


5. (Daily) The 20-Day Donchian shows that uptrends have been more successful lately, but we might have flipped bearish on Friday Jan 3rd.


6. A 3.5-ATR stop indicator on the 4-hourly chart shows some volatility during the holiday, but is bearish as we enter the first full week of trading for 2014.


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