EUR/USD Symmetrical Triangle Formation.

EUR/USD Symmetrical Triangle Formation. 

In the recent days we could observe a choppy price action on the foreign exchange market. The support and resistance levels have created a symmetrical triangle. Although, symmetrical triangles are categorized as continuation paterns I will wait for a break out of one of the trend lines or for a further confirmation in order to take a short position.

I will not forecast the support and resistance levels on this occasion and instead wait for the price action to develop further. 

If you have any questions please do not hesitate to contact me and remember to subscribe for more forex news.

Good Luck with your technical trading.

Tomasz Gdynia

Forex and other trading related links.

It is always difficult to find high quality websites about foreign exchange and trading Forex. Over the years I have manage to find websites that are exceptionally good and deserve attention.

Technical Analysis Education: 

http://www.fxstreet.com/education/

http://www.babypips.com/school/

Blog with strategies and education how to trade:

http://www.how-to-trade.net/

Forex Calendar:

http://www.forexfactory.com/calendar.php

Trading and Forex Forums:

 

www.forexfactory.com/forum.php

Forex Charts:

 

http://www.fxstreet.com/rates-charts/

Currency Converter:

http://www.oanda.com/currency/converter/

http://www.xe.com

EURUSD analysis: Bearish trend resumed

Yesterday I said that the EUR/USD current temporary up trend is only a corrective move or a revisit to the broken trend line. In did, today after a brief touch of the trend line the bearish trend resumed and we have new extension.  The forecast for the next week is relative strength of USD. The key levels that will provide a strong support are the 50% and 100% The support and resistance levels which have been calculated with Fibonacci retracement levels are as follow:

1.3968- 100%
1.4246 - 61.8%
1.4331 - 50%
1.4331 - 38.2%
1.4523 - 23.6%
1.4695 – 0%


If you have any questions please do not hesitate to contact me and  remember to subscribe for more forex news.


Tomasz Gdynia

Bearish resumption.

Although in the last 11 days we have observed dollar strength, my outlook for the coming days is still bearish. Current move can be classified as corrective or as a pull back to the previous trend line. In the next few days we should see a breakout out of current consolidation and then bearish resumption.

The support and resistance levels which have been calculated with Fibonacci retracement levels are as follow:

 
1.5317 - 100%
1.4815 - 61.8%
1.4654 - 50%
1.4492 - 38.2%
1.4292 - 23.6%




If you have any questions please do not hesitate to contact me and  remember to subscribe for more forex news.

Tomasz Gdynia

New bearish extension

After a weekly break out of lower trend line and a small corrective move we are heading for new bearish extension.

The support and resistance levels which have been calculated with Fibonacci retracement levels are as follow:

1.4399 - 61.8%
1.4233 – 50%
1.4066 – 38.2%
1.3860 – 23.6%
1.3527 – 0%

If you have any questions please do not hesitate to contact me and  remember to subscribe for more forex news.Tomasz Gdynia

Choppy price action and new Key levels.

In the last few days we have seen a very choppy action. Although, I have decided to redraw the Fibonacci levels the studies are still showing us a potential for bearish extension. The key level is the old daily trend line and the 50% Fib level which both provide good resistance. 

The support and resistance levels which have been calculated with Fibonacci retracement levels are as follow:

1.4527 - 61.8%

1.4401 – 50%

1.4274 – 38.2%

1.4117 – 23.6%

1.3863 – 0%

If the price hits the final resistance level of 1.3863 we should see a bounce back to 1.4117

If you have any questions please do not hesitate to contact me and  remember to subscribe for more forex news.

Tomasz Gdynia

Potential for new bearish extension.

Currently the price manage to break below multiday lower trend line and we have a good potential for bearish extension.  

The support and resistance levels which have been calculated with Fibonacci retracement levels are as follow:

• 1.4353

• 1.4277

• 1.4201

• 1.4107

• 1.3956

If the price hits the final resistance level of 1.3956 we should see a bounce back to 1.4107

If you have any questions please do not hesitate to contact me and  remember to subscribe for more forex news.

Tomasz Gdynia