jimmy forex weekly analysis

[jimmyforextrader]

EURUSD – Euro/dollar hits key resistance after surge higher

The EURUSD continued pushing higher Friday, testing the key resistance up near 1.3893 before backing off the highs and forming a bearish pin bar into the week’s close. It’s important to note that this is a counter-trend pin bar and we’ve just seen a very strong push higher, so any pullbacks from here could be limited to the 8 day EMA or the 8 / 21 day EMA layer. Thus, this week, we will be watching for price action buy signals from the 8 / 21 day EMAs if the market rotates down from Friday’s pin bar, in order to look to rejoin the uptrend from value / support.

 

[jimmyforextrader]

Weekly Forex Chart Analysis – March 17th – 21st 2014
EURUSD – Euro/dollar bullish trend continuesThe EURUSD remained buoyant on Friday as the market continued pushing higher and ended the day and week up above key resistance near 1.3893. Plenty of traders tried picking the top of this recent up move as price hit key 1.3893 and stalled earlier last week. However, to trade counter-trend we really need a ‘perfect’ signal at the key level, and we didn’t really get it here. This goes to show that fighting a strong trend is usually a bad idea and it’s best to look for price action signals in-line with the dominant daily chart trend.

 

[jimmyforextrader]

Weekly Forex Chart Analysis – March 24th – 28th 2014
EURUSD – Euro/dollar near-term momentum turns bearish

The EURUSD consolidated on Friday and formed an inside bar in what was a pretty quiet trading day following significant losses on Wednesday and Thursday. The near-term price action in this market is clearly favoring the bears, and we could see more losses in the coming days if the bears remain in control. If we get an obvious price action sell signal from resistance this week, we would consider a short entry to rejoin the recent bearish momentum and trade down toward support.

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