Weekly Analysis
EURUSD Weekly chart
Short Term Bar Chart Analysis.
- In the last bar, the closing price is lower than the previous week's close indicating that sellers are keener than the buyers and are willing to drive the price down.
- The close of the week in near the low of the range for the week indicating that sellers were in control when the market closed.
- The market opened near the middle of the range and closed near the low of the week indicating that buyers lost control and sellers took control to push the price down.
- The last bar is an outside bar and shows that buyers lost control at the close of the market.
Long term Bar Chart Analysis.
- The first time-frame trend is down.
- The second time-frame trend is down.
- The third time-frame trend is sideways or neutral.
Trendlines,
- There most relevant trend-line is an uptrend tentative trend-line and price needs to respect the trendline for the third time in order to be confirmed as valid.
Support and Resistance Lines.
- The most relevant Support level is at 1.08070.
- The most relevant resistance level is at 1.10960.
Volume Analysis.
- In the last bar, price made new low compared to the previous two bars with rising volume indicating that sellers were in control.
- The previous trough had lower volume compared to the latest low indicating that sellers were committed and the down-trend is likely to continue.
Daily Analysis.
EURUSD Daily Chart
Short Term Bar Chart Analysis.
- In the last bar, the closing price is lower than the previous day close indicating that sellers were keener and willing to drive the price down.
- The close of the day is near the low of the day indicating that sellers were in control at the close of the market.
- The market opened near the higher and closed near the low indicating that sellers were in control.
- The range of the bars shows that sellers are still eager.
Long Term Bar Chart Analysis.
- The first time-frame trend is down.
- The second time-frame trend is down.
- The third time-frame trend is down.
Support and Resistance Lines.
- The most relevant Support level is at 1.08070 followed by 1.7106 Support level. The last Support level is 1.04613.
- The most relevant resistance level is at 1.10960.
Volume Analysis
- In the last bar, the price made a new low but the volume was lower compared to the previous day indicating that sellers were losing commitment and the downward move is likely to fail.
- The previous trough had lower volume compared to the latest lower low with higher volume suggesting that sellers are committed the the trend of successive troughs is likely to continue.
I am BEARISH on EURUSD.
