Risk Disclaimer

Risk Disclaimer: Trading is risky! Never trade money you can not afford to lose! Site content is only personal opinion and never a Trade Recommendation! Futhermore the blog content needs to get reviewed to analyse whether it is up-to-date and still appropriate in the authors view.

Second Test of Support

Consolidation at Support

Trading Support and Resistance

eur/usd chart analysis
5 min EUR/USD Technical Chart Analysis

The support zone at 1.2825 (analysed in ) which held the market in the yesterday and in the Asian session (got tested) could not hold a second test and got broken recently.

Inverted Head and Shoulder

On the 5 min chart above, we might interpret the price action in the Asian session today as an inverted Head & Shoulder. The neckline got broken and the market went up to 1.2869.

The circled consolidation on the right of the chart took place at the support level created by the green trend line, the inverted H&S neckline, the 61.80 % fib retracement of the recent swing up and the 100 % fib extension from wave A-B moved to point C at about 1.2840. The market consolidated there (typical three swings) and in the following market could not hold support so that price broke down strongly (probably due to news...).

Market currently seems to find some support at the weekly trend line from the June 2010 low and January 2012 low  .

No comments:

Post a Comment

Back to top