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EURUSD – prognosis via Dow Theory for calendar week 41/2015

Weekly chart:

With the last high at 1.1713, the big picture was able to put the last downtrend behind it and establish a new uptrend. This is currently located in the last correction zone and is showing clear upwards tendencies. Here, with a stop below the correction zone, one can speculate on a continuation of the uptrend.

Chart1

Daily chart:

In the daily chart, the uptrend is also intact. Here, the last correction zone is located between 1.1213 and 1.1018. After the 20 SMA from the week propped up the price from below, and since today, the price will indeed make the leap above the 20 SMA from the daily chart, the likelihood of a continuation of the uptrend is increasing. Here, too, one could hazard a long trade with a stop at 1.1018.

Chart2

Hourly chart:

In the hourly chart we can see the same uptrend. Here, the last correction zone runs between 1.1209 and 1.1150. A long trade may well also pay off here with a stop beneath this correction zone. The first targets can be made out at the last point two at 1.1315 and, as things progress, at 1.1460 and 1.1713.

Chart3

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

All the best

Markus Gabel

Head of Sales/Trading

AgenaTrader/TradeEscort

AgenaTrader Trading Software

IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.

Thursday, 08 Oct, 2015 / 5:23

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