stoictrader

EURGBP Multiple Timeframe

In Charts on January 5, 2014 at 2:29 pm

A look at EURGBP in multiple timeframes from Monthly down to H4.  The downtrend looks good in all timeframes and the shortest term 4-hourly chart is bearish as we start the trading year.   I will sell price spikes up towards 84 and watching for price confirmation below 81.

1. Monthly, Downtrend intact, the last swings were lower highs and lower lows, the moving averages are lined up and price is trading below. Price is near the upper channel and could be a good place to start a short position with good r/r depending on shorter timeframe entries.

eurgbpmonthly

2. Weekly chart shows a shorter term channel where price is trading in the lower half; resistance at 84 would be a great short entry but watch for support at 81.

2014 01 04 eurgbp w1

3. (Weekly). A 52-Week Donchian indicator shows downtrends have been more successful lately, but is currently suggesting an uptrend, although price has been trading lower since the last switch.

eurgbpweeklydonch

4. Daily chart shows price trading in a downtrend but near the middle of the channel, and below both the 50 and 200 day moving averages.  The key 84 level is still within the channel and could be tested again.

eurgbpdaily

5. (Daily). A 20-Day Donchian indicator shows downtrends have been slightly stronger lately, and a new downtrend was stated during the first few days of the year.

eurgbpdailydonch

6. A 3.5 ATR Stop on the 4-Hourly chart shows price has been rangey during holiday trade, but is in a downtrend as we enter the first full week of  trading.

eurgbph4

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