EUR/USD Technical Chart Analysis | Euro US Dollar Trading

EUR/USD Trading Strategies and Setups | Euro US Dollar Analysis 

 

Weekly, Daily, Intraday Support/ Resistance levels | Continuation patterns |  Rejection Candlestick patterns | Breakout Trading/Timing | Chart reading methods

 

EUR/USD Technical Chart Analysis

 

The Euro moved upwards after the rejection candle/ hammer candlestick pattern on the 13th of November. There are important Support/ Resistance levels on the daily EUR/USD chart. Market currently trades at the daily confluence resistance level consisting of the 20 SMA and further the monthly S1 and the low of October 1st, which both held the market on the 15th of November at around 1.28 (First test). 

During the start of the US session today, market penetrated the 1.28 resistance level (second test) and moved up to the weekly R1. On the 5 min chart we see that market closed at the 1.28 resistance level with a bullish candle at 3:40 p.m. GMT just before  the Euro breached this level (Breakout Timing). The following breakout candle at 3:45 p.m. got high bullish momentum because of the stops placed above the 1.28 level. However, there was no follow through or breakout confirmation on the 5 min chart but market retested the 1.28 level and held 1.28 so far. As long as the Euro holds this level we might see a continuation pattern triggered for a true or false breakout with the start of the new daily candle (Bullish daily candle close at daily resistance-Breakout trading). The next resistance level might be the low of October 11th at 1.2826.

Let's see...

The 4 hour chart shows the two rejection candles on the 13th of November which contributed to the daily rejection candle. 

[The hourly chart shows the news shakeout/stop running on the 14th of November. Market cleared the stops above resistance at 1.2755 (low of Sept. 10th) and then EUR/USD reversed and the logical next target was the recent low to clear the stops of the breakout trader at 1.2724. Stop running is an important driving force in Trading.]

On the hourly and 5 min chart we see that the EUR/USD found support at the low of Sept. 10th and the Euro continued its upward move at 1 p.m. due to the increasing hourly 20 SMA and 200 SMA on the 5 min chart. 

On most of the charts we see:

How prices respected support and resistance (blue ellipses), purely stop running behaviour (red arrows), breakout trading setups (red ellipses), continuation chart patterns (most of green ellipses) and support and resistance due to consolidation price zones (orange arrows).

 

Daily Support and Resistance EURUSD

 

4-hour Technical Chart Analysis Euro US Dollar

 

1 hour Technical Chart Analysis Euro US Dollar

5 min Technical Chart Analysis EurUsd

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