ForexInfoCenter

EUR/USD ceiling examined on the 15 and 240-minute charts

Posted by Raghee Horner in July 27th 2010  

Here’s a look at the EUR/USD across the 15-minute and 240-minute time frames and how price action is reacting at the 1.3000 level which I am expecting exhaustion at to potentially set up a swing buy on a correction lower.

Chart date range 10-Feb 04:00 GMT-> 26-Jul 16:00 GMT Data Interval 4 Hour

Summary

Target Level		1.3006
Target Period		4 days
Stop Level		1.274

Analysis
Channel Up identified at 26-Jul 04:00 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 1.3006.

Supporting Indicators
Upward sloping Moving Average

Resistance Levels

(B)

1.3006

Last resistance turning point of Channel Up.

Support Levels

(A)	1.274		Last support turning point of Channel Up.
(E)	1.2143		Last support turning point of Channel Down.

Here’s a more detailed view of how 1.3000 to 1.3028 is stacking with selling pressure:

Chart date range 25-Jun 17:00 GMT-> 26-Jul 23:30 GMT Data Interval 15 Minutes

Summary

Target Level		1.3006
Target Period		10 hours
Stop Level		1.274

Analysis
Channel Up identified at 23-Jul 12:00 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 1.3006.

Supporting Indicators
Upward sloping Moving Average

Resistance Levels

(D)

1.3006

Last resistance turning point of Channel Up.

Support Levels

(A)	1.289		Last support turning point of Ascending Triangle.
(B)	1.2793		Last support turning point of Triangle.
(C)	1.274		Last support turning point of Channel Up.

Follow me at Twitter!

Read More...

Filed under: Chartology