EURUSD Daily Outlook for 10th December 2013 (Tuesday)
Daily Chart
Bullish
For the past month it was forming a rising wedge which looked like it is going to fall to the downside, however the past 3 days have confirmed that its going to the upside. On a Daily chart, it is looking likely to be able to test the highs / retrace 100%.
- It is rejecting the R1 Weekly Pivot which confluence FE 100.
Weekly Chart
Bullish but getting close to the down channel
On a weekly chart, you will see I have drawn in a down channel. So the uptrend should be limited.
Hourly Chart
Divergence spotted
At the time of writing, we are sitting on the trendline and divergence and stoch's cross makes it more likely to break it for the meantime. Also we have touched a weekly R1 pivot early in asian session and saw some kind of reaction. It is a surprise move as I usually don't see a breakout in an asian session.
At the time of writing, we are sitting on the trendline and divergence and stoch's cross makes it more likely to break it for the meantime. Also we have touched a weekly R1 pivot early in asian session and saw some kind of reaction. It is a surprise move as I usually don't see a breakout in an asian session.
- Divergence
- Trendline in play
Outlook Trade opportunity
The opportunity today would be to wait for price action to go lower and break the trendline, and then hope markets could retrace to a 50% or 61.8% then to take a short- TP1 Mondays R1 - todays Daily pivot
- TP2 Todays S2
*Note the ichikumo clouds is near the S1 Daily, so that is a strong area
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