EURUSD Analysis 23-04-17

Here is my analysis for the EURUSD on the 23rd of April. Hopefully anyone else on the forex path will find this useful in deciding a direction to take when implementing their trading strategies over the next week.

So let's get started and with a look at a few of the patterns playing out.

Checkout the price action here with higher highs and higher lows. With a couple of medium term moving averages crossing back and forth there is all to play for if you are with the price action trend but if you're banking on those moving average crosses then you are probably suffering. 

Looking at the near term and even shorter moving averages they are pointing up as we head into the weekend. Note the shooting star/inverted hammer giving the opposite signs pulling in the sellers as we are about to hit the weekend. 

Looking at the 200ma price is still below it but it looks like price is still heading toward it. You know that things are going to get volatile the closer we get. 

Bollinger bands had a tag off the lower band and appear to be heading to the top again. 

Support and Resistance levels , well, here's where i am expecting reactions. 

Bring on the lower trend line and if you had bet on it holding then you are probably taking a little profit off the table as we reach half way up the previous move down. 

Here is the two closest horizontal levels to keep an eye on

Ooh look a failed head and shoulders pattern with the neckline around the area we are seeing that shooting star in the last couple candles. 

Hello Triangle pattern. I see price still jammed in there. When it breaks the could be a nice target on the horizon. 

Oh the channel. If you had your eyes on this or the lower trend line as an opportunity then maybe you are looking for price to run to the top. See how price went through the 50% and hit the 38.2% fibo. 

Or then again perhaps you are waiting for a break of the lower line of the channel and will target the width of the channel once this happens for your target. 

Down to the 4 hour and the previous trading days green zone is aligning with the place price has rejected. Not really a hammer but a long tail at a place people will be taking profit. Draw a horizontal line at the bottom of the tail (2nd candle from the end) and there's a previous high. Is support about to become resistance? maybe, but the moving averages are aligned to say otherwise. Messy. I will be looking for a break above the triangle and a retrace before considering a buy and if price breaks out the bottom then the opposite. 

Just a brief round up, feel free to ask questions.