No Change

The Euro 8 Daily is still bearish and in the overbought zone. Since the all time high the Euro has a 78.6 fib at 13233. I will add charts as we start to move because at present we have been consolidating. This usually happens as the market digests previous swings and before any further big moves.

We have MACD divergence on numerous diffrent time frames and RSI is also overbought.

Happy Trading!

Divergence!

Morning everyone,

Looking at the Euro this morning and immediately I am struck by the fact it is overbought.

Daily RSI is around 80, the 8,13,21 & 34 are all overbought.
The weekly 8 & 13 are also overbought.
MACD on 60 has a nice divergence and we are at some key resistance levels as mentioned yesterday.
As I am writing this, the 34 60 looks on the verge of making a bearish reversal.
Lastly Comms as previously mentioned are also still short.

A break of 13080 swing low may see further movement to the downside. Support level area is 12950-13000. If we deal below 12950 then further weakness could be on the cards.

Good luck again to you all.

Javid

Euro Resistance?

The resistance previously mentioned seems to be stopping a further move up. Notice the 8 Daily is overbought. Also check the APP on the chart.

Comms are still short.

Euro Daily

Euro Breakout

On Friday we saw the Euro breakout of it's trading range and very strong resistance. The price pushed up toward the next resistance where it closed for the week. As long as price stays above the resistance area and uses it as a support, if it does a pullback then we might see the same scenario that we had with the USDCAD pair where the pair broke out, used the trend line of many years and pulled back to it before bouncing.

Comms data is unavailable due to Thanksgiving and should be updated on Monday evening which will give us some idea of what might be likely to happen although they were heavily short prior to the rise up last week on both Euro and GBP.

Euro Dollar Weekly Chart