EUR/USD Technical Analysis Review, 15th of November


EUR/USD Trading Signals | Euro US Dollar Chart Analysis 

The EUR/USD started to move upward today, after yesterday's news shakeout at 7 p.m. GMT, which cleared the stops above the low of Sept. 10th at 1.2755 and then reversed to clear the stops below 1.2724. 

Today's upward momentum might be the following of the daily hammer candlestick pattern on Tuesday.

The Euro moved higher with the triggering of continuation patterns (green circles/ellipses) and Breakout timing setups (red circles/ellipses) until market reached strong resistance at the 1.28 level. This resistance zone consists of the low of October 1st, the monthly S1, the 61.80 % fibonacci retracement on the 4 hour chart and the 38,20 % fibonacci retracement on the daily chart. Market reversed at the 1.28 level and started to move lower.

On the 5 min chart we see how market broke through the downward sloping green trendline at 2:15 p.m. (Breakout trading-prior candle closed at trendline) so that the consolidation/triangle got terminated.  Market started to consolidate in a  shape of a continuation pattern after the breakout of the triangle and price retested the daily R1, the high and the downward sloping trendline of the consolidation (resistance becomes support-successful retest). The Euro terminated the continuation pattern on the 5 min chart and market broke through yesterday's high with the beginning of the new hourly candle after the previous one closed strongly at resistance (yesterday's high-Breakout trading).

Recent main support and resistance levels have been the low of October 1st and September 10th and the high of last Tuesday. Yesterday's high (news spike) is also likely to play an important S/R role.
Daily




4 hour


 





hourly


5 min


Read the pages: Chart pattern explanation, Chart patterns explained, Chart pattern analysis and Candlestick Chart patterns to get more information about the underlying Chart and Trading patterns/Signals/Strategies
 

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Tags: chart, day, dollar, education, eur/usd, euro, forex, patterns, signals, strategies, More…trading

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