EUR/USD trading plan. We are still pretty much in a consolidation range/bullish triangle between 1,145 and 1,08. Follow price action between 1,125 and 1,11, for numerous supports are located there. The pair seems to be in a mild uptrend/bullish consolidation since February 2015. On the weekly chart, the pair used to range between 1,145 and 1,08. This range seems to be turning into a bullish triangle, and we may draw two support trend lines. The last candle is a small high waved bearish candle, meaning an indecision. It rose from the weekly 40 SMA around 1,12 and was blocked by the range/triangle resistance around 1,145.
On the daily chart, we see the pair was in a downtrend, but since the beginning of February it is slowly rising. We notice the consolidation triangle we saw on the weekly chart. The two last candles show a failed attempt at breaking the range resistance around 1,145, with a potential double top and a bearish engulfing candle. If we open under 1,145 on Monday September 21st, this resistance should be closely monitored. According to the daily graph, probabilities are the pair will start the week going down. However, we should remember that since February the longer term direction is up, and I will rather try to buy dips on support : a zone where all SMAs are located, roughly between 1,125 and 1,11. and the two trend lines we have noticed. A bearish break out of 1,10 would open the way to a retest of the support around 1,0825.
Finally, we should also take a look at the H4 chart, for it shows a fib retracement that looks pretty accurate. Although the three last candles are very bearish, there is a lot of fib lines and SMAs that come as supports down to 1,11 where the 0,886 fib line is located. Those levels may also be use to look for buying signals.