EUR/USD Rolling Over to the Upside

Doug Rosen

By: Doug Rosen

For this analysis i will skip the weekly chart today and go straight to the daily. It appears that yesterday as well as the day before there had been buying pressure at the 50.0 fib level of the previous move up. On the The daily 5 ema seems to be rolling over to the upside with angle and separation between the 5 and 13 ema's diminishing with a stochastics in the oversold zone crossing up and out. The lower Bollinger Band appears to be pointing up as well. Could be we may either be at the beginning of a retracement ot even a possible change in trend, we will just have to wait and see. Pivot Points: Price is just below the monthly S3 after poking through it earlier and it just may breach it today. Price is just above the weekly central pivot and just a bit below the central daily pivot, in fact, the weekly central pivot and the daily are within just a few pips of each other. If price breaks above thedaily central I believe price will just keep going. Once the 1.3605 level is breached I would feel confident lookiing for Long Positions.

EUR/USD 4 Hour Chart 9/28/11

Price is coasting just above the 4 hour 21 ema, and just above the hourly 55 ema and price did bounce off the 15 minute 233 ema and it looks like the 15 minute 5 ema just may cross above the 13 ema forcing price above the daily pivot point causing a bullish move.

EUR/USD 1 Hour Chart 9/28/11

 

EUR/USD 15 Minute Chart 9/28/11

Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.

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