Below is the technical chart of EURUSD currency pair with our indicators Doda-Donchian and Doda-Bollinger Bands.
Time frame taken in below chart is H4. However, to get broader idea, I’ve analyzed the chart on bigger time frame also.
EURUSD currency pair has been in downtrend from the last many trading sessions. As per our indicators, the major downtrend signal was given in the beginning of July 2014. From there, it never gave any solid buy signal.
At this stage too, although, it managed to close above Doda-Donchian indicator, it is still trading below Doda-Bollinger bands and Ichimoku kumo indicator. It will face tough resistance there.
So, no need to buy it. Just wait for clear signal.
If it closes below 1.2577, take another short position and ride it.
On the upside, 1.2654, 1.2792 and 1.2869 are the strong resistance. Watch that space carefully.