FX TECHNICAL ANALYSIS EURUSD Retrospect
On the EURUSD Monthly chart the price was above the
Kumo in July and August, which indicated bullish movements. The
Tenkan-Sen was above Kijun-Sen and the Chikou Figure 1: EURUSD Monthly Figure 2: EURUSD Weekly Figure 3: EURUSD Daily
Span was above all components and the price. Furthermore the Kumo future was bullish too. These facts were all supporting future up movements. However in September the price started to fall below the Kumo till it reached the strong support Kijun-Sen level. Although the fact that the price is below the Kumo basically indicates bearish trend, it is important to notice that the price is still above the Kijun- Sen; Tenkan-Sen is also above Kijun-Sen and the Chikou Span is above the Kumo, however it is below the price. On the Weekly EURUSD chart it was clear that after the nice Kumo breakout of the spring months, the summer volume wasn’t enough for the price to continue it’s way up, so – although it stayed above the Kumo – it started to move closer and closer to the Senkou Span A level. The Kumo top was finally reached in September after a long ranging period. On the Daily chart, July started with a valid bearish Kumo breakout, but the move didn’t have enough volume and reversed after a few days. The reversal was quite strong, as the price moved back to the Senkou Span B level and tried to break out on the upside of the Kumo. The breakout wasn’t successful, because the Chikou Span hasn’t confirmed this move, it stayed below the Kumo top and bounced back from it. After this a ranging
64 FX TRADER MAGAZINE October - December 2011
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86