Home » Euro vs Dollar Daily Chart » Euro dollar continues in bullish tone – 4th October 2012

Euro dollar continues in bullish tone – 4th October 2012

euro vs dollar MT4

EUR/USD MT4 – 15 Minute Chart

The EUR/USD has been in bullish mood so far since the open of the London session, once again squeezing the euro shorts, as we move to test the psychological 1.3000 region once again. The euro on the Hawkeye Fatman on the hourly chart has been rising steadily, ( the green line ) moving from an oversold region on the indicator, and climbing higher towards the oversold area in this time-frame.

On the chart itself, the pair paused initially in the 1.2918 area, before extending gains further to currently trade in the 1.2948 region on the 15 minute chart on MT4. The trend throughout has remained virtually unbroken with only a temporary pause overnight with the white trends dots and a change in the Heatmap from green to dark red, before the bullish momentum picked up once again into the London open. In the last hour we have seen some selling volume appearing on the chart as the pair test the 1.2957 area, and indeed an isolated pivot high has also been triggered at this level, indicating temporary weakness in trend. This was followed several bars later by an isolated pivot low, which has pushed the market back to test this level once again.

Given these two pivots, the euro dollar may trade in this congestion area, before breaking out once again and the key level is now in place at the pivot high. If this is breached, then we can expect to see the pair move higher and on towards the 1.3000 region and beyond in due course. This view is confirmed by the volume on the chart which has reverted to rising buying volume once again over the last 30 minutes, and with the Hawkeye Heatmap remaining firmly bullish, we are likely to see a move higher in due course.

Moving to the longer term for the pair, the daily Fatman indicator is still signalling short term weakness for the pair, but the weekly Fatman remains firmly bullish, suggesting that the weakness of the last 2 weeks is merely a temporary pullback in the longer term bullish trend for the pair.

If you would like to see Hawkeye in action, please just click the following link to join me in one of my Free live trading rooms – I look forward to seeing you there – Anna

By Anna Coulling