The week of the ECB – Weekly Forex analysis.

This week, on Thursday, there will be the European Central Bank Rate Decision.

In this article, I will analyse the current markets trends, Support & Resistance and cycle timings of the main 3 Euro crosses.

euro-calendar

EUR/USD – Waiting for the pullback

The trend is bearish as you can see from the cycle indicator v2.0 which is pointing to -1 and from the position of the minimum and maximum of the weekly cycle. 

This dip is lasting already 185 periods confirming  that is an impulse wave.

To follow the rule:

Buy the support and sell the resistance

The best levels to look for a short entry are between 1.1120 – 1.1150 when the timing indicator will be over +76 periods. (“How to time your trades?“)

eurusdh1

EUR/AUD – Reversal pattern

Same story as for the Eur/Usd: Bearish trend, impulse wave and lower Low for the weekly cycle.

Connecting the minimum of the weekly cycle you can see a decreasing trendline which is now supporting the price.

Using the top and bottom of the daily cycle you can see a falling wedge pattern which could anticipate the correction wave.

If you want to use a risky approach you can try to buy the breakout of the chart pattern, if you are a conservative trader the best level to short the Eur/Aud and join the bearish trend is around 1.4550 – 1.4575.

euraudh1

Eur/Jpy – Time to buy

As for the Eur/Jpy there is a completely different situation.

The weekly trend is still bearish but, analysing the top and bottom, we can spot an higher bullish trend.

The price touched the support at 114.90 and the trade timing shows that the weekly cycle is ready for a reversal.

At this point, I would buy the breakout of Range Market.

eurjpyh1

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