Trading news

EUR.USD – is the great downtrend over?

Weekly chart:

The big picture is in a mature downtrend. This current correction is the seventh, and the current increase touched the point three at €1.15344 for a second time. We do not have a close yet but if we get a close, the large downtrend will break and the EURO will have a chance to create a new uptrend.

Chart1

Daily chart:

What we were expecting in the weekly chart is what happened in the daily chart. Here we see a young uptrend that is very far into the movement. Yesterday we saw a classic reversal bar, and this could signalize the beginning of the correction of this uptrend. The correction zone starts at €1.1376 and goes down to €1.0821. Yes, I know – it is a very large zone, but this means that the EURO has a chance to calmly create a long-term uptrend.
Chart2

Hourly chart:

In this trend size, we can already see a corrective downtrend. The price has already entered the red correction zone, and is giving some signals that the trend will be able to continue. I am short in this pair; my entry signal was the last reversal bar. We will see how far the trend runs.

Chart3

I hope you will remain favorably disposed towards me and always remember: the journey is the reward!

All the best

Markus Gabel

Trader asset management
BORN STAHLBERG & Partner
office@gabel-trading.com

AgenaTrader Trading Software

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Sunday, 08 May, 2016 / 8:15

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