Direct from the desk of Dane Williams,
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EUR/USD Technical Analysis
With my Steem account seemingly settled again (touch wood), it's time for normal service to resume with some daily forex market analysis here on the blog.
So getting straight back into it, do you remember last week when we watched EUR/USD print that pin bar at resistance?
Click that link to read the last part of our Euro narrative, but as a refresher, here's the EUR/USD daily chart with the candle in question marked.
On your MT4 charts, you can easily make pin bars a bright colour by right clicking on your chart, selecting properties and then adjusting what the platform calls a line graph. This is just a pin bar.
These types of candles are ones you don't want to overlook and as you can see on my charts, the red pin bar contrasts with the blue and black candles in a way that ensures I'm never going to miss one!
But back to the analysis itself and we saw that after printing that daily pin bar, EUR/USD went straight down to retest swing lows.
What the pair did down here is mighty interesting though and its price action like this that catches the eye.
When it comes to grading the significance of support/resistance, we look at how hard price rejected from the level in the past.
The harder the rejection, the more significant the level is.
Well take a look at the EUR/USD hourly chart and check out how price reacted once it hit that swing low support level again.
Sure the drop was data release driven, but the way that the bulls immediately halted price right at support and smashed it higher again is highly significant!
An intraday level that's no doubt going to get some attention when I run through the EUR/USD trade analysis in an upcoming email for my Inner Circle.
The battle between the EUR/USD bulls and bears right now, is a good one.
Yes, we're below higher time resistance, but this swing low is now not being given up without a fight...
Best of probabilities to you,
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Market Analyst and Forex Broker.