EURUSD Chart Patterns
Daily Trading Setups
 |
1 hour Day Trading Setups |
The Euro gapped up to 1.2748 and from there EUR/USD started to move down and completely retraced the daily gap and the Euro even fell much further.
The 2 a.m hourly candle found support at the 10 SMA (red line) and the Euro started to retrace up to 1.2725 supported by the rising hourly 10 SMA. After the end of the upward retracement the Euro resumed its downtrend and closed today's gap - Day Trading Setup.
The 8 a.m. hourly candle respected (touched) the hourly 20 SMA (purple line) after the Euro consolidated between the 20 SMA and 200 SMA on the 5 min chart, and the Euro initially broke through the 20 SMA with the beginning of the new hourly candle at 9 a.m. (London open- green circle on 5 min chart). The Euro found some temporary support at the pink line (low of January) and formed an abc-retracement up to the monthly pivot point. From there, the Euro bounced back and penetrated the pink line again but market could not confirm the breakout on the 5 min chart Day Trading Setup Day Trading Setup
 |
5 min Daily Trading Setups |
The resistance at 1.2624 (low of January, gap from last week..) is an important resistance. As long as the Euro does not confirm a break above I am bearish, and current price action could be seen as a consolidation after yesterdays strong downward candle. A retest of Yesterday's low (strong bearish candle) is also not unlikely. The recent down swing found support at the 200 SMA on the hourly.
ReplyDelete