News releases in Forex
Stop run (shakeout) to the upside after daily bull flag got triggered and market took out the recent daily high. The Euro found resistance at the low of June 28 at 1.2407 and the weekly 10 SMA at 1.2409. After taking out the stops above the high of July 27 at 1.2390 the Euro reversed strongly (Stop clearing accomplished...). The Euro currently found some support at the daily S2, the 38.20 % fib extension from the recent hourly swing down (not shown) and the price zone of the consolidation from the 26th of July.
Yesterday, we had a potential H&S (tricky pattern) on the hourly time frame.
Particularly on the 1 min chart we see how the Fibonacci study could help to anticipate support and resistance.
|1-hour Euro US Dollar Chart Analysis|
|5 min Eur/Usd Dollar Chart Analysis|
|1 min Euro Dollar Chart Analysis|