Weekly chart:
Since the last high at 1.1713 $, the euro has had to endure some substantial setbacks. For several weeks it managed to move sideways still, but then came the hefty setback that lead the euro down to 1.0523 $ and therefore close to the last point two. For two weeks now, the price has been significantly recuperating and is approaching the last valid correction zone once again.
Daily chart:
With the rise of the last two weeks, the previous downtrend was able to be broken (at 1.0762 $), yet a valid trend could not be installed. For this, a closing price above 1.1042 $ would be required. Until then, anything could happen.
Hourly chart:
In the hourly chart the situation is considerably simpler, since a valid uptrend is present here. Currently, a new movement seems to be beginning, such that one could enter a nice long trade here. The stop should be located below the green correction zone.
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
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