EURUSD 4hr chart update 4th December 2013 @ 9am GMT
EURUSD has been unable recently to breach the 23.6% weekly fib level ( noted in red on chart). The last 16hr has seen seen a Shooting Star formation on 4hr time frame. IF Price cannot make new highs and cannot close higher than 23.6% level this week – we could see a negative setup occurring. The 4hr chart also indicates that all our Moving averages have converged together – a sign of indecision. We do have an important new announcement this week in the shape of the NFP numbers this Friday. The indicator chart still indicates upside BUT that can change within a couple of hours. What does need to occur is we need to see Price trading higher than 23.6% level @ 1.3581 – So preferably a Bullish engulfing candle on our Daily chart. That would go a long way to confirming that we should be looking for further upside near term. Yesterdays candle has engulfed the previous negative candle how ever did not form a swing high by closing higher than current resistance highs at around 1.36197. Hence the importance of that Bullish engulfing candle Daily.
I’d be patient and WAIT for that confirmation candle – it might not take up until Friday to get it BUT it will then allow us to see a GENUINE direction for us to trade for the new week ahead….
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