macplauz

Understandig price movement Yesterday in the US session we had a strong resistance area on the 5min chart at about 1.2965 due to 61.80 % fib retracement of prior swing down, 61.80 % fib extension, 200 MA and prior consolidation + 20 MA resistance on the 1h chart. On the 1 min chart we got further confirmation due to the ending diagonal pattern of wave C (upmove lost strength as it approached the resistance area + 61.80 % fib extension.) In general the first step is to find strong resistance/support area and the second to observe price behaviour there for confirmation. These kinds of chart analysis is what is working well in my opinion. Best luck Chart Analysis Forex (EUR/USD)

Again ending descending diagonal on the 5min chart (C-Wave) Yesterday (UTC/GMT +1 hour) at the beginning of the US session. The diagonal ended at the 61.80 % fib extension of wave A at 1.2983 (5 min chart) and the internal waves down of wave C lost strength and got shorter. On the hourly Chart we also had a support zone there due to the prior flat consolidation The initial upmove found resistance at the 200 MA on the 5 min chart.

Understanding price movement (Trade Setups) On the 5min Chart today we saw a breakout of a descending diagonal. 1.30 is a strong support zone (round number + 100 % fib extension from previous swings-see 5 min chart- and 61.80 % fib retracement on the 1h chart) + Doji candle just before the upmove started

EUR/USD broke out of the wedge (red lines) and headed lower with strong momentum. The market stands now under the neckline of the H&S. The market found support at the major level of 1.30, the 61.80 % retracement level (1.2955) of the upward move since middle of January and Daily Pivot Point (S3) at 1.2953. Medium support is the 100 % fib extension below 1.29. The break of the recent lows (Stop fishing) is accomplished and market is likely react/retrace from there. A typical consolidation (Bear flag with 3 swings) would indicate further momentum down. However as market has already triggered the stops under recent lows and stands at strong support the market could retrace higher. Further price action will give hints. On the 1h time frame we currently have a strong resistance zone below 1.31 due to gab close, Weekly Pivot Point, 61,80 % retracement and recent consolidation. Market is likely to turn around (short term) or at least consolidate there before further upward movement.