This week we saw two currency pairs set up with just about perfect reversal chart patterns. I will outline it here on the EURUSD but you should look on the AUDUSD for it on the Daily chart.
A head and shoulders pattern consists of 3 peak highs, the left shoulder, the head and the right shoulder. The left shoulder is established when (more…)
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3520
Overview - The past two weeks have found support in the mid 1.3500’s and a new leg down could target 1.3400 for the next support. Long terms trends on the daily and weekly are difficult to discern so I will continue to watch for breakouts on the 1 hr and 4 hr charts.
Resistance - 1.3628 / 1.3667 / 1.3737 / 1.3791 / 1.3824
Support - 1.3490 / 1.3413 / 1.3279 / 1.3187 / 1.3078
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GBP/USD – Current 1.6105
Overview – I have been watching the test of the top of (more…)
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Sells taken on EURUSD today from 1.3745 area. Alignment of a few technical trading indicators provided a barrier that proved to give this pair some resistance today. On the daily chart there was a test of the bottom of the previous up trend line and the .382 fib of the most recent downtrend. Drilling to the lower compressions we can also look back to Oct and Nov and find other support and resistance along this same price level. Profits posted as the market reached towards the 1.3700 area and former resistance on the 1 hour chart. A break of the 1.3745 area could begin a new leg higher so caution is stressed on the break above. confidence will grown on the downside on the break of the up trendlines on the 4 hour chart.
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