EURUSD with weekly bars of interest.

FX:EURUSD   Euro / U.S. Dollar
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This exercise is for educational purposes only and it is not an investment advice.

I am not describing the past behaviour on the chart and calling that analysis, but rather doing a real time analysis of what matters. I am not forecasting either ( I can and I do when required) but rather waiting for the price to prove itself. I will try and show you how this may be done in the simplest way that I can think of. Before I dive into that, I say that define your trend in the next higher time frame. In this case, monthly, which I have covered. Why ? Knowing the position in the trend matters. Knowing what to look for as a confirmation also matters and is the most important fact in this game of chart reading.Price confirmation a must.

Short term analysis of bars or candles which can/may signal a CHANGE/REVERSAL is the aim of this EXERCISE by reading the PRICE and VOLUME interaction. We can and may get a helping hand from select indicators in this exercise. RSI and OBV are two which may be employed as an added confirmation (secondary to price).

Here are the 3 bars of interest as shown (1-3),yes, only three and we are keeping it simple and stupid (KISS). Mark the high and low of the 1st bar as important levels to watch from here on. This is it, the first bar which may hold the key from here on. Please note, we are looking for an end of week close not intra week whipsaws. Why ? EOW close may potentially signal the change that we might be after. Also remember the follow-through or lack of it as an added confirmation.

Keep well and chart well.

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