Important chart levels like Pivot Points - forex trading co tv signals

Important chart levels like Pivot Points ~ forex trading co tv signals

Daily Pivot Points

Consolidation patterns 

5 min Daily Pivot Point

The Euro

closed at the low of June 1st (pink line) after market slightly penetrated this important chart level during the day. Today, market gaped slightly below Fridays low but initially reversed, closed the gap and consolidated around the pink line most of the day. On the 5 min chart we can see that the daily low of June 1st (pink line) acted as support/ resistance. The breakout candle at 3 p.m. (penetrating the pink line) did not get confirmed and market reversed to the upside after hitting the price zone of the consolidation between 9 - 10 a.m. GMT and the 61.80 % fib extension. The main resistance to the upside was the daily pivot point.


The Euro formed a bull flag/ typical 3-wave-consolidation (red circle) before penetrating the daily pivot (important chart level) for the third time (level already weaken) whereby market breached this important chart level (no confirmation) and triggered most of the stops above the daily pivot. The Euro is currently consolidation at the daily pivot.

The positioning of the stops above a high/low or striking levels is easy to anticipate and market often tends to trigger these stops. Very often these levels get penetrated and stops/limit orders get triggered but market reversed (no confirmed breakout-only stop fishing).

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Fibonacci levels and Bear Flags - best forex trading signals service

Fibonacci levels and Bear Flags ~ best forex trading signals service

Fibonacci extension levels

Flag patterns

The EUR/USD Chart Analysis

shows the importance of the 61.80 % and 100 % Fibonacci extension levels, which market often respects as support/ resistance, at least temporarily. On the hourly Euro Chart we see that market respected the 61.80 % Fibonacci Extension level at 8 a.m..Market retraced up from this Fibonacci Extension level to the downward sloping 20 SMA (purple line) and the 61.80 % Fibonacci retracement level. From this resistance level, which market approached at 1 p.m., the EUR/USD rolled over and continued its downward trend to the 100 % Fibonacci Extension level. The 61.80 % Fibonacci Extension level often provides only temporary support/ resistance. The 100 % Fibonacci Extension support level got further strengthened due to the weekly S1 at 1.2859.

1 hour Fibonacci extension levels

On the 5 min Chart we see that the EUR/USD consolidated at the uprising trend line and the daily S1, formed a bear flag (Continuation pattern) and market finally broke through the support level of the uprising trend line. Market took out the stops and triggered the limit breakout orders below the recent low (left side of the 5 min chart) and the Euro started to retrace back into the Consolidation zone (Market Price Manipulation) of the prior bear flag, which now acts as resistance (Consolidation price zones). Furthermore, the daily S1 changed its role from support to resistance after the confirmed break of this level on the 5 min chart.

5 min EUR/USD Chart Analysis

Another EUR/USD Chart Analysis in regards of Fibonacci Extension levels and Bear flag pattern:

4 hour Fibonacci Extension

Fibonacci and Bear Flag

continued its down trend today with the triggering of the bear flag pattern. The 10 SMA on the 4 hour chart provided resistance to the Euro and the  EURUSD depreciated further. The Euro found support at the daily S1 and 61.80 % Fibonacci extension (1 hour chart) and market turned around after the creation of the hammer candlestick pattern on the 5 min chart. The EUR/USD moved up to the prior consolidation price zone (bear flag - hourly chart-orange arrow), which acted as resistance.

1 hour Bear Flag pattern, Hammer

5 min Hammer pattern

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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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Stop Clearing and Price Rejection - forex trading signals download

Stop Clearing and Price Rejection ~ forex trading signals download

Price Rejection at Support/ Resistance

Stop Clearing at Key S/R levels

Pivot Points in the Euro

Daily Double Top

EUR/ USD had a relatively quite session. On the daily chart we see that the support level around the monthly pivot at 1.2568, the low of August 2010 at 1.2588 (purple line) and the 20 SMA (purple) held the market so far.

1 hour Pivot Points

The circled areas on the hourly chart (left) show how price bounced from support/ resistance.

On the hourly chart we see that the Euro moved up to the daily pivot at 1.2611 at 7 a.m. GMT but market could not breach the resistance and moved lower from there. The Euro penetrated the monthly pivot and cleared some stops below it and yesterdays low but the Euro closed above this key resistance level on the hourly chart (green circle).

After the clearing of the stops and the rejection of  prices (close above the monthly pivot on the hourly and higher low on the 5 min chart) market moved to the other side of the consolidation (1.2568 - 1.2614) to test it.

The EUR/ USD breached the pivot point and the recent high at 1.2614 (stop clearing) but the key level at 1.2624 (orange line- January low) provided strong resistance and the Euro bounced back.

The false breakouts (stop clearing) seem to be typical in a quite session when everyone is waiting for major news and thus traders are lacking commitment/ low participation.

5 min Forex Chart Education

On the 5 min chart (above) we see how price bounced from support/ resistance (blue circles) and the formation of consolidations/ bull/ bear flags (red circles) as well as some Fibonacci extensions (100 % and 161 %).

The price zones of the consolidations (red circle) provided some temporary support/ resistance as the market moved back into these zones.

At 9 a.m. market formed an inverted Head & Shoulder at the purple line (August low 2010). During the pattern market did not confirm the break of the purple line (no close of the succeeding candles below the range of the 9:30 a.m. breakout candle on the 5 min chart). Market breached the brown neckline and moved up to the H&S price target (100 % of the larger swing in the H&S-(left shoulder to head)-moved to the break of the neckline).

Between 1 and 3 p.m. the Euro breached the monthly pivot but the Euro formed a higher low and closed above the monthly pivot on the hourly chart (rejection of the breakout). From there, the Euro moved up to test the other side of the consolidation range and market found temporary resistance at the weekly pivot/ 161 % fib extension at 3 p.m. and the daily pivot at about 4 p.m.. The chance of a breach of the daily pivot increased due to the bull flag, the rising 10 SMA, the prior test at 7 a.m. (second test now) and particularly the fact that the prior 4-hour candle closing at 4 p.m. already touched (respected) the daily pivot so that this resistance level got weaker with the beginning of the new 4-hour candle (Breakout Timing setup).

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Inverted Head and Shoulders - bk forex trading signals review

Inverted Head and Shoulders ~ bk forex trading signals review

Inverted Head and Shoulders neckline

The Euro found support at the monthly pivot and resistance at the daily pivot. On the 5 min chart we see a nice bull flag at 12.30 p.m.. Market also found support at the uprising trend line (green) on the 5 min chart. The downward sloping 20 SMA (purple line) on the hourly provided only temporary resistance during the formation of the right shoulder of the head and shoulders formation.

On the 5 min EUR/USD chart we see many Continuation patterns (green ellipses). The ongoing trend paused during these continuation patterns (mainly Flags and Pennants)  until the Continuation pattern got terminated (mostly after three swings).

The 5 min and the hourly Chart also show how market reversed at the daily Pivot Point.<

1 hour Inverted Head and Shoulders pattern

5 min EUR/USD Chart Analysis, Pin bar

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Neckline of the Head and Shoulders - forex trading signals software downloads

Neckline of the Head and Shoulders ~ forex trading signals software downloads

Hourly Pin Bar

Test of the Neckline

Pin bar as Reversal pattern

The Euro found support at 1.2445 and formed a pin bar on the hourly chart. The bullish pin bar is a reversal pattern and it shows a strong demand at its level of creation. Hence, market was supported at this level and the strong rally back indicated a bullish rejection of the penetrated price level. The pin bar (bullish sign) led to some follow through and the Euro moved up to the 1.2500 zone

However, on the hourly and 5 min chart we see a kind of Head and Shoulders pattern. The brown neckline of the Head and Shoulders and the supporting upward sloping green trend line got broken at 1:15 p.m. GMT (confirmed on the 5 min chart).

1 hour Pin bar

5 min Head and Shoulders neckline test

As often, market retested the recent support which now became resistance (neckline, green line) at 1:35 p.m. (small red circle). However, the neckline/ green trend line held the market, which also coincided with the 5 min 20 SMA and 61.80 % Fibonacci (fib) retracement of the recent swing down.

The Euro initially moved down after the retest but market did a second retest of the brown neckline (green circle) after market got rejected at the 61.80 % fib extension and weekly S1 at 2:15 p.m. (pink circle).

If market strongly bounce back from the 61.80 % fib extension (no initial penetration or consolidation at this level then a temporary rejection of the current trend on this time frame is likely (either a reversal or a larger consolidation).

However, the Euro could not move above the neckline (green circle) and market resumed its downtrend and finally the Euro reached the Head and Shoulders target (100 % fib extension from the largest swing of the Head and Shoulders moved to the breach of the neckline) (blue cirlce).

Head and Shoulders target also coincided with the March 2009 support level and the 100 % Fibonacci  (fib) extension from the recent swing down. The Euro moved up from there but market penetrated this support level with the beginning of the new 4-hour candle at 4 p.m. after the prior hourly and 4-hour candle already touched (respected) the monthly low of March 2009. However, market only temporary breached this level (brown circle) and the Euro found support at the fib confluence level at about 1.2447 and the daily S1.

The Euro hold at the two 100 % fib extension and the 61.80 % fib extension (rejection) and market closed again above/ at the March 2009 support level (rejection). The Euro resumed its uptrend after the formation of two bull flags (first one at the 5 min 20-SMA resistance).

The price zone of the consolidation at 1 a.m. and at 6 a.m. (on the left of the 5 min chart) gave some support/resistance to the market as the Euro reached this price zone again.

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Candlestick patterns Hammer and Evening star - set and forget forex trading signals

Candlestick patterns Hammer and Evening star ~ set and forget forex trading signals

Hammer and Evening Star

Evening Star and Hammer Chart pattern

4 hour Evening Star pattern

EUR/USD

retraced up to the weekly Pivot point where market formed a kind of Evening Star pattern and market price started to turn around.

On the 1 hour Euro US Dollar chart (last 10 candlesticks) we see how market closed at support and breached it with the beginning of the new hourly candle [Breakout Timing setup-red ellipses, market closed at each support level (10 SMA, 20 SMA and daily pivot point)] and broke through it with the new hourly candle).

The repeated pattern of a bearish candle close at a support level and the following break of this support level with the beginning of a new candle often occurs in a strong bearish trend or a surge in downside momentum.

1 hour Hammer candlestick

5 min Pivot points

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Changing role of Support and Resistance - end of day forex trading signals

Changing role of Support and Resistance ~ end of day forex trading signals

Important levels and Patterns for Trading

Key Support/ Resistance

On the 4 hour and 1 hour chart we see that the Euro very often closed at (traded/ consolidated around) the low of January 2012 at 1.2624 key level, pink line), which coincides with the daily high of the 7th of June and the gap opening on Monday. Particularly on the 4 hour chart we see that every candle today closed at this important chart level.

4 hour Changing role from resistance to support

1 hour Daily Pivot Point S/R

Head and Shoulders neckline

On the hourly chart we see that the Euro respected the 61.80 % fib extension at 5 a.m. (recent high) and price moved lower from there. On the 1 hour and 5 min chart (below) we see a nice Head and Shoulders pattern. At 11:15 a.m. the Euro breached the neckline (brown line) (A) but market could not confirm this breakout (first test).

The second break of the neckline occurred at 12:45 p.m. and market moved to the 100 % fib extension (B). EUR/USD breached the daily pivot point - key level-, however, the pivot point, the 4-hour 10 SMA and trend line (4-hour chart) supported the market. The Euro managed to close above the neckline on the hourly chart at 2 p.m. after a choppy price action between the neckline and the weekly pivot.

On the 5 min chart (below) we again see the importance of the pink line and its changing role from resistance to support vice versa -key Support/ resistance chart level. The Euro formed a bull flag on the 5 min chart and in the following closed above the pink line after market already regained the neckline with the hourly close at 2 p.m.. The Euro bounced back from the pink line at 5:25 p.m. (now support) and cleared the stops above the recent high (C). However, market could not close above the recent high on the 5 min chart at the first breakout (only stop fishing) and the Euro fell back again.

5 min Important Tradind Chart levels and Patterns

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Daily EURO Support Resistance levels - most accurate forex trading signals

Daily EURO Support Resistance levels ~ most accurate forex trading signals

Support and Resistance

EUR USD Technical Chart Analysis

The EURO started to move upward today, after yesterdays news shakeout at 7 p.m. GMT, which cleared the stops above the low of Sept. 10th at 1.2755 and then reversed to clear the stops below 1.2724. 

Todays upward momentum might be the following of the daily hammer candlestick pattern on Tuesday.


The Euro moved higher with the triggering of continuation patterns (green circles/ellipses) and Breakout timing setups (red circles/ellipses) until market reached strong resistance at the 1.28 level. This resistance zone consists of the low of October 1st, the monthly S1, the 61.80 % Fibonacci retracement on the 4 hour chart and the 38,20 % Fibonacci retracement on the daily chart. Market reversed at the 1.28 level and started to move lower.

On the 5 min chart we see how market broke through the downward sloping green trend line at 2:15 p.m. (Breakout trading-prior candle closed at trend line) so that the consolidation/ triangle got terminated.  Market started to consolidate in a  shape of a continuation pattern after the breakout of the triangle and price retested the daily R1, the high and the downward sloping trend line of the consolidation (resistance becomes support-successful retest). The Euro terminated the continuation pattern on the 5 min chart and market broke through yesterdays high with the beginning of the new hourly candle after the previous one closed strongly at resistance (yesterdays high-Breakout trading).

Recent main support and resistance levels have been the low of October 1st and September 10th and the high of last Tuesday. Yesterdays high (news spike) is also likely to play an important S/R role.

Daily Support and Resistance EURO Fibonacci retracement

4 hour Daily EURO Fibonacci retracement, Resistance Levels

hourly EURO Support/ Resistance

5 min Support and Resistance

The Chart Analysis of the trading days before


On the daily chart (first chart) we see that the EUR/USD created a hammer candlestick pattern yesterday. Market moved higher and the Euro is currently trading at the low of September 10th at 1.2755 (pink line) and the daily 10 SMA. Slightly above is the hourly 200 SMA, the weekly Pivot point and the daily R2.

Yesterdays high at 1.2729 (thick blue line below) initially acted as resistance but after the level got broken the blue line acted as support and market bounced back from yesterdays high (successful retest, changing role of daily S/R levels). The rising 20 SMA on the hourly chart also provided support at 7 a.m. together with the consolidation price zone (green ellipse, orange arrow) and again at 4 p.m..

1 hour  Hammer Chart Pattern | Daily S/R | SMA

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Fibonacci trading levels - get free forex trading signals

Fibonacci trading levels ~ get free forex trading signals

Trend and Swing Analysis

Fibonacci Extension targets

After the wave down (A-B) yesterday in the European Session market consolidated (typical 3 swings) and market found resistance at the decreasing 20 SMA and the 1.28 round number. Market dropped down (C-D) and found some support at the Weekly S2 and the 61.80 % Fibonacci extension from the start of the sudden drop in price from A to B at C at about 1.2757.

The 61.80 % Fibonacci Extension is very often only intermediate support/ resistance in a strong trend where price sometimes reacts/ consolidates before the market goes further to the 100 % Fibonacci extension.

Market dropped down again and reached the 100 % Fibonacci extension (A-B at C) and the 100 % Fibonacci extension from C-D at E at about 1.2729. Market consolidated at the support level before dropping down again in the Asian/ European Session today.

5 min Fibonacci Trend Analysis

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Price shakeouts of weak hands - forex.com trading signals

Price shakeouts of weak hands ~ forex.com trading signals

Forex Chart Patterns

4-hour Euro Dollar

1 hour Euro Dollar

5 min Euro Dollar Chart Analysis

Consolidation Patterns

Weak hands getting shaked out in Trading

The Euro moved up to the1.2329 resistance level (purple line-October 2008 low and 20 SMA on the 4-hour chart) and from there market resumed its down trend and the Euro created a new daily low.

On the 5 min chart (below) we see that consolidations very often consists of three swings (red circles). One of them occurred in the Asian session between 2 - 3 a.m. GMT and after termination market moved to the 100 % fib extension. Another one occurred at about 10 a.m. and this consolidation is also the left shoulder of the Head and Shoulder pattern on todays market top, which took place at the 4-hour 20 SMA and the October 2008 low (purple line). The right shoulder is also a three swing consolidation and after termination the Euro penetrated the brown neckline. However, market consolidated below the neckline and slightly penetrated the neckline to the upside again. A reversal (failing of the H&S) or at least a shakeout got more likely due to the length of the consolidation below the neckline (Good trading opportunities at important levels/ pattern termination normally do not give much time for positioning as it is recognized by many traders and thus triggered fast).

The lengthy consolidation followed by the upside break of this consolidation through the neckline led to a kind of shakeout of the weak hands. The Euro found resistance at the 20 SMA on the 5 min chart and the price zone of the prior consolidation (right shoulder) so that the Euro resumed the down trend and triggered the H&S pattern. The 1 a.m. hourly candle triggered the stops below todays (green line) and yesterdays low (blue line) but the candle closed and formed a bull flag (on 5 min chart) at the recent hourly low at 1.2281 (blue line). The bull flag (blue circle) got triggered and market moved to the daily pivot and the 100 % fib extension on the 5 min chart. From there, the Euro resumed its down trend again. The 2 p.m. hourly candle closed at the daily S1 (red circle on hourly, weakening this level) and the following hourly candle starting at 3 p.m. moved below it and closed at Mondays gap opening at 1.2253 (brown line). Another timing setup occurred with the start of the new 4-hour candle at 4 p.m.. The Euro terminated its three swing consolidation pattern on the 5 min chart at 3:45 p.m. (red circle) and market moved lower again after the previous 4-hour candle closed and weaken the gap opening support (brown line). However, the Euro did not confirm the breach of the prior consolidation low at 1.2245 (green circle) and the Euro reversed and the 4 p.m. hourly candle closed at the gap opening (brown line). Market is currently consolidating around this level.

The pin bar at 8:25 a.m. after the penetration of the 1.2288 level (pink line-low of June 1st) led to a non-confirmation of the break and the Euro moved up again after the bull flag just above the pink line. A hint for the continuation was the close of the 9:20 candle at/above the daily pivot with the confirmation of the following 5 min candle.

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Key Support and Resistance levels - forex day trading signals

Key Support and Resistance levels ~ forex day trading signals

Monthly and Daily Support/ Resistance

Monthly and Daily SR zones

Daily Support Resistance

Monthly Support Resistance

On the daily chart we see the importance of the key level at 1.2456 (monthly low of March 2009-purple line).

1 hour Daily Support Resistance

5 min Support Resistance

The Euro consolidated at the hourly 20 SMA in yesterdays late US session and resumed its up trend in the Asian session. The Euro moved up to the 100 % fib extension (5 min chart). From there, the Euro fell back into the price range of the prior consolidation and the Euro formed a kind of Butterfly pattern on the 5 min chart. Market moved to the 127 % fib extension (target of the butterfly: 127 or 161), which coincided with the 20 SMA on the 4 -hour chart before the Euro bounced back and moved below the low of the butterfly pattern (reversal pattern).


The 5 min chart also shows that the breakout above the recent high at 1.2524 did not get confirmed and market cleared the stops and limit orders above the recent high before the Euro reversed.

The prior consolidation pattern, the pivot point and the 61.80 % fib retracement terminated the retracement up to 1.2515 and market resumed its down trend. However, the Euro found strong support at the monthly low (March 2009) at 1.2456 as well as the daily S1 and weekly S1 and the 5 min breakout candle of yesterdays low (stop fishing-first test) did not get confirmed. The Euro moved up and found some resistance at the hourly 10 and 20 SMA (green circle on hourly chart).

The Euro resumed its downtrend, formed a bear flag and breached the monthly support initially with the beginning of the new 4-hour candle at 4 p.m. after the prior 4-hour candle already touched (respected) the monthly support. However, The Euro could not confirm a break below the monthly support on the 5 min chart and market bounced back from the daily low of June 12th (pink line) and the 100 % fib extension (hourly, 5 min chart).

The Euro moved up from the support level and formed a bull flag on the 5 min chart at about 4:30 p.m.. Furthermore, the hourly candle closing at 5 p.m. shows a strong rejection (pin bar) after the unconfirmed breach of the monthly support level. After the close of the hourly candle at 5 p.m. (confirmation of the strong pin bar) market initially moved up further from the small bull flag and cleared the stops above 1.25 level. The Euro found some resistance above the recent high (stop clearing target reached, 200 SMA on the 5 min chart).


Consolidation price zones (particularly the middle of this zone) very often provide some support/resistance at least for a temporary small bounce when price reaches this price zone again particularly for the first time (however, if one candle closes in the zone (respecting of the level) then the next might move through the consolidation price zone without a bounce (strong trend)). This price behaviour is visible in most of the circled consolidations on the 5 min chart for example the Euro found support at around 10 p.m. GMT, which is likely to be a consequence of the consolidation price zone at around 4 p.m. yesterday. Similarly, the consolidation in the late US session yesterday is likely to be the reason for todays support at this price level.The small consolidation at about 1.30 at the monthly support might not be a good example due to the Timing setup (4.p.m. and the strong tendency of the market to clear stops below highs/lows).

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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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Important psychological chart levels - forex trading signals best

Important psychological chart levels ~ forex trading signals best

1.30 price zone in EURUSD

Trading Important Chart levels

The Euro

found resistance at the Head and Shoulders neckline yesterday and formed a Three Drives pattern (see 1 hour chart). From this top, the EUR/USD moved down whereby the downside momentum increased today.

The hourly 200 SMA, the daily S1 and the weekly Pivot point provided temporary support for the Euro before the market moved lower to the psychological important 1.30 level.
Many stops can be anticipated below this major psychological level so that at least a temporary breach of this support level could happen to clear some stops. The 61.80 % fib extension at 1.3005 on the 4 hour EUR/USD chart got respected by the 4 hour candle starting at 8 a.m. GMT before the new 4 hour candle breached this important psychological 1.30 level (Timing setup).

The strong 5 min momentum candle at 1.30 p.m. shows the momentum created by the stop triggering and the follow through. The EUR/USD went lower to the next major support level at around 1.2957 created by the 100 % fib extension and the 200 SMA on the 4 hour chart and the daily S3, which supported the Euro US Dollar so far.

On the daily Euro chart we have a potential bearish "222" Gartley pattern.

4 hour Fibonacci extensions

Daily Gartley pattern

1 hour Head and Shoulders pattern 

 

5 min Neckline break, Momentum

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