EUR USD Weekly Chart Analysis
Support and Resistance levels
|Daily EURUSD Support Resistance in Forex|
The EUR/USD High of 2012
acted as resistance before this chart price level got broken (see red circle = breakout timing) and the yearly high acted as support in the beginning of February.
However, this important chart level got broken to the downside again with the second test on the 7th of February (First test was the green candle on the 5th of February).
The Chart illustrates the changing role of major support and resistance depending on price action.
The green ellipses on these charts show consolidation patterns, which most often act as continuation pattern like bear/ bull flags or pennants.
In addition, the orange arrows on the chart below illustrate the importance of these consolidation price zones as potential Support and Resistance levels. Furthermore, the charts also show the importance of Pivot Points, which often act as Support/ Resistance too. Another important tool of the chart analysis is the 61 % and 100 % Fibonacci Extension, which shows potential hidden Support and Resistance levels (see last chart).
|4 hour Consolidation patterns, S/R, Pivot Point|
|1 hour Weekly Chart Update EUR/USD Technical Analysis|
|5 min Head and Shoulders pattern, Neckline, EURUSD|