EURUSD Top-Down Review

Summary
Weekly: Mixed/Bullish
Daily : Neutral/Bearish
4 Hour: Bullish
1 Hour: Bullish


Weekly Timeframe



Price has formed a double-bottom pattern. Movements have been so fierce that fast moving averages still show price to be in a downward trend. Looking at the longer time horizon, this downward move is consistent with a deep retracement to the 78.6% fibonacci level associated with the bullish trend from 2006 to 2008. A move to the 38.2% at 1.436 will indicate bullish sentiment; a move below the 61.8% level at 1.332 will suggest a continuation of the downward trend.

Indicators are becoming bullish.

Daily Timeframe



Price has been in a downward trend with a recent pullback to 61.8% fib level at 0.146. However, since then, price has failed to make newer lows and is now in the neuatral zone between 38.2% and 23.6% - prices 0.137 and 0.132 respectively.

4 Hour Timeframe



Price is in an upward trend, with next target at 1.397.

1 Hour Timeframe



Price has been in a strong uptrend and is now consolidating in a range from 1.510 to 1.374. Price has held during weakening momentum, and the indicators are starting to become more bullish.