Key Support Resistance Levels - free forex trading signals daily

Key Support Resistance Levels ~ free forex trading signals daily

Important Support/ Resistance

Key S/R Levels in the EUR/USD

Key Support/ Resistance Levels 

4-hour Euro Chart

Daily 20 SMA and Pivots

The Euro Dollar moved up to the 61.80 % fib extension (A-B at C). Today, market bounced back from this resistance level. The monthly pivot and daily 20 SMA (purple line) currently act as support. The low of January at 1.2624 (orange line) and the low of August 2010 at 1.2588 (purple line) are key Support and Resistance levels.

On the 4-hour chart (left) we see that the Euro respected the orange line and the 4-hour 10-SMA (red line). However, after the close of the bearish 4-hour candle at 12 a.m. (red circle-left) (Timing setup) the Euro fell below the orange line/ 10 SMA.

On the 1 hour chart (below) we see that the 12 a.m. hourly candle (A) respected the daily pivot at 1.2598. The 1 p.m. candle penetrated the pivot point and respected the weekly pivot at 1.2586 and the purple line (August 2010 low) but closed above the daily pivot on the hourly chart. However, the 3 p.m. hourly candle resumed the down trend and penetrated the already touched/ respected support levels (second test). The Euro found support at the monthly pivot point key level.

1 hour EurUsd key S/R levels

The price zone of the circled consolidation (blue) from Friday also provided some temporary support.

 On the 5 min chart (below) we had a kind of inverted Head and Shoulder in the Asian session with the green neckline and a prolonged left shoulder at the key support level of the low of January (orange line). At 11 a.m. we see a typical 3-wave consolidation at the support level (orange line) before the Euro resumed its downtrend. The duration of the consolidation is the same like the duration of the prior 5-min down swing. Most of the circled candles on the 5 min chart show how price bounced at key support/ resistance levels

5 min Euro US Dollar 

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Trading the Market High of (updated) - forex price action trading signals

Trading the Market High of (updated) ~ forex price action trading signals

EUR USD Market High

After the Euro USD broke out of the larger consolidation pattern on the daily chart last week market approached the high of 2012 yesterday at 1.3486. Market closed at the high of 2012 yesterday and today the Euro broke through it (Breakout Trading/ Timing- see red circle). A similar pattern occurred at the monthly R1 (red circle), where the daily candle also closed at the monthly R1 before market broke the monthly R1 with the next daily candle.
Currently, the Euro USD is trading at the monthly R2.

Daily - Support/ Resistance

Todays rise started with a kind of bull flag between 8 a.m. and 9 a.m.. The Euro USD rose to the monthly R2 at 11 a.m. where market temporarily found resistance. Market broke the monthly R2 with the beginning of the new hourly candle at 3 p.m.. The 5 min candle at 3 p.m. closed at the recent daily high and the next 5 min candle broke this resistance (red circle-Breakout Timing). The  monthly R2 changed its role from resistance to support and held the market so far. 

5 min Euro USD Pivot Points, S/R

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Breakout candle - forex trading signals free download

Breakout candle ~ forex trading signals free download

Trading the Breakout

Unconfirmed Breakout candle

In the Asian Forex trading session

the Euro traded up to 1.2525 but then market started to move down sharply due to the market news about Spanish bond yields (see 5 min chart).

Daily Double Top pattern

5 min Market News Trading

hourly Timing Setup

From the chart technical perspective the Euro formed a bear flag at about 8 a.m. GMT on the 5 min chart before resuming its down trend.

The Euro breached the weekly S1 and the monthly low of March 2009 initially after the 8 a.m. hourly candle closed at this level (red circle) and the new hourly candle started (Breakout Timing for Trading; 9 a.m. market news).

The strong bearish 5 min "news" breakout candle at 9 a.m. triggered the market order stops below the recent lows, particularly the low of the 8th of June at 1.2435 (pink line) and the stops below the March 2009 support level at 1.2456, which held the market this week.

However, the breakout candle at 9 a.m did not get confirmed on the 5 min chart (no close of the succeeding candles below the range of the breakout candle).

 The Euro found support at the daily S2 and the 61.80 % Fibonacci Extension (A-B at C) on the daily chart (stop clearing below the recent lows accomplished- first test).

The 5 min candle at 9:15 a.m.breached the daily S2 but closed above it and also in the range of the prior breakout candle and the Euro started to consolidate around the 1.2435 level (pink line-June 8th).

On the 5 min chart we see that the Euro found resistance at the pink line before breaching it to the upside.

The Euro closed above the daily S1 at 12.15 but found resistance at the weekly S1 so that market fell back into the consolidation around the pink line.

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Rejection Candle Chart Patterns Hammer - what are forex trading signals

Rejection Candle Chart Patterns Hammer ~ what are forex trading signals

Candlestick Chart Analysis

Hammer Rejection Candle

The Euro moved upwards against the US Dollar after the rejection candle/ hammer candlestick pattern on the 13th of November. There are important Support/ Resistance levels on the daily EURO US Dollar 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.

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 Rejection Candles Hammer 

1 hour Hammer/ Pin bar Euro US Dollar Candlestick Chart Patterns

5 min Technical Chart Analysis Euro US Dollar

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Dolly Graphic Candle Pattern System - zwinner forex trading system

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