Weekly chart analysis for EUR/USD: Signs of reversal?

23 oct. 2023

Hello traders, sometimes, it is essential to analyze the charts in the weekly
timeframe to get the bigger picture of the trend. Of course, it doesn't mean
that you must take your entries on the weekly timeframe.

So, if you look at the weekly chart of EUR/USD, the very first thing that you would
notice is the weekly support around the 1.05 area is unbroken.

Secondly, if are seeing the formation of a base in the level between 1.05-1.06.
So, in the coming trading sessions,if we see a strong impulsive move to 1.0650
and beyond, expect EUR/USD to reach 1.08 and even higher over the course of
the next few weeks.

23 oct. 2023

Note

Positive for the bulls so far

23 oct. 2023

Note

Price holding above 1.0620, let's see if we can get some follow-through

23 oct. 2023

Note

Perfect set-up. Price has moved up 57 pips since I posted

24 oct. 2023

Note

We have a big bullish candle on the daily chart now

24 oct. 2023

Note

Exhaustion evident in hourly chart. Pullback to 1.06 likely

24 oct. 2023

Note

Getting closer to 1.06. I would be considering a buy entry if 1.06 remains unbroken

25 oct. 2023

Note

4H chart perspective , if price stays above the moving average on the 4H chart, uptrend can resume again

27 oct. 2023

Note

The daily chart has a pin bar candlestick. Possibility of 1.0720 in the coming days