Pattern RadarEUR/USD Fibonacci Support
by Autochartist
With the short term intraday charts showing some upside potential as the equities market recovered some of its prior week losses, the EUR/USD has found support near 1.3886. As this support holds the projected upside target for this ABCD Fibonacci pattern on the 60 minute chart could offer insight into where the [...]
The downtrend on the daily EUR/USD has been steady since January 15th with very little upside correction. The last bounce on this time frame occurred between January 21st to January 26th. After topping out at 1.4194, the sellers showed their determination to continue selling just in front of the 1.4200 major psychological level. So the formation of a Continuation Falling [...]
The uptrend on the 240 minute EUR/USD has been rejected at the 200sma that has come down as a dynamic resistance level. The selling pressure at the 200sma and the support of the wedge uptrend line has
brought this pair to a major decision level. The Initial Trend is low and indicates that the uptrend is stalling and becoming [...]
One of the most powerful Quality Indicators associated with every Autochartist update is the Initial Trend reading. It is one of the most distinguishing facets of Autochartist. The Initial Trend reading allows each chart pattern to be analyzed within the context of the underlying market cycle. The 30 minute Reversal Channel Up pattern on the EUR/USD has a broken the [...]
The 240 minute EUR/USD has been trading within a wide range as prices are bouncing off the 1.4280 area and hitting a ceiling between 1.4480 and 1.4500. The range, coupled with the lack of trend (T), has formed a Continuation Channel Up pattern. It’s a shallow channel, certainly not a sharp uptrend. In fact, some [...]
The breakout of the Continuation Rising Wedge on the 30 minute chart has followed through to the Forecast resistance. The lower level of the resistance area has been hit at 1.4440 but the area extends up to the 1.4470 level. The January 5th high is 1.4484. The key here is to watch whether prices are [...]
The Continuation Falling Wedge on the 15 minute chart has found Forecast area support (F) between 1.4380 and 1.4360. Trade management levels such as this that are available on Complete Patterns can offer insight into what a pair’s next move could be. Combine the support area with the low Initial Trend (T) reading and the market appears that the near [...]
Setting up short or near term breakdowns can be a great way to play a top or reversal in a pair. The 15 minute time frame is especially well-suited for this type of entry. The 15 minute EUR/USD has formed
a Continuation Flag pattern as prices have congested into a upward angling formation. This flag could also be considered [...]
The 240 minute EUR/USD has congested into a Continuation Pennant as prices squeeze into a the narrowing range of the New Year. The final week of 2008 had low volume and little opinion which is expected. As
the trading for 2009 starts Monday, this pattern could be the push through 1.4300 that the bears have been waiting for. The [...]
The 240 minute EUR/USD has pierced the downtrend line resistance of the Continuation Channel Down pattern as prices transition into a sideways market cycle. The pierce is a early signal that the downtrend could be slowing. Alternatively, it could simply be reflective of the holiday week low volume. Regardless, the with the break comes key price levels to watch, namely [...]