Hi all.
This is my TA for 19th June 2023 EUR/USD before market opening:
EUR/USD 19th July 2023 06:45 BST – Focussing on D1 only
Bear or Bull
D1 check :Bullish
H4 check :Continuation pattern
H1 check :Continuation pattern
Moving Average(AMA 55)
D1 check : Trading above
H4 check : Trading above
H1 check : Trading above
Exponential Moving Average(DEMA 55)
D1 check: Trading over
H4 check: Trading over
H1 check: Trading under
Relative Strength Index(RSI 55)
D1 check : 53.82
H4 check: 58.80
H1 check:58.92
H1(RSI 14) check : 52.93
Support & Resistance(D1)
This shows we are at a weak resistance level but could rise to previous high.resistence level.
Candlestick patterns
EUR/USD(D1)
Weak three white soldiers followed by dojo continuation - expect to grow.
Pattern spotted on EUR/USD(D1)
I cannot see any wedge pattern here, nor pennant.
EUR/USD(H1)
Continuation pattern long bullish uptrend.
ATR(14):
The ATR is low, suggesting weak trend, suggesting weak trend and low volatility.
Conclusion:
Looks like continuation of bullish trend, due to current support level broken and impending resistance line still to be hit.
Restricting myself to only doing TA on D1 charts has sped up the time taken, but it also ‘shows’ me less in total - Can anyone see anything I have missed on EUR/USD D1? I don’t see any wedge pattern here and I don’t waste time on TA on H4 and H1 timeframes.
News:
EUR/USD and $1.10 in the Hands of ECB Chief Economist Philip Lane
Before US session opens run to 1.0996 possible, then expect bearish trend.
Looking at pivots, it would seem we may test the R1 level before turning bullish:
Quick glance at the weekly chart shows the market is overall in the bearish trend…confirming potential value drop.
Take profit: 1.09920
Stop loss: 1.09118
Sell price:1.09364