EURUSD
The EURUSD has been in a range these past few days of trading and developed a triangle chart pattern on the 1 hour chart. The pair had been in an up trend previous to the pattern's development. Yesterday the EURUSD fell by approximately 40 pips, completing the support line of the chart pattern. Today's trading in the market saw a strong break of the pattern's resistance and previous high created when the pattern first formed.
The uniform pattern as well as the strong break, speaks to the strong probability that the break is legitimate. The Hurst Exponent now projects a 56.22% probability that the trend will continue to the upside.
The pattern measures approximately 160 pips, however resistance lies at approximately 150 pips away at the 1.27166 level.
USDCHF
Today's trading on the Swiss Franc saw a break of the support line created at the 0.95510 level. The pair was in a previous down trend prior to range which occurred over the past few days of trading in the market. Forex traders now observe the pair's movement as the down trend continues to support areas of 0.94681 and 0.94190 in the short term and 0.92707 for long term trading in the market.
USDCAD
The USDCAD has yet to break its support line however there is strong movement to the down side as trading continues today. A break of the support level created at the 0.98467 level would mean a continuation of the down trend which took place prior to the pair's range. Development of the move will be observed during the last day of trading in the market today.
The EURUSD has been in a range these past few days of trading and developed a triangle chart pattern on the 1 hour chart. The pair had been in an up trend previous to the pattern's development. Yesterday the EURUSD fell by approximately 40 pips, completing the support line of the chart pattern. Today's trading in the market saw a strong break of the pattern's resistance and previous high created when the pattern first formed.
The uniform pattern as well as the strong break, speaks to the strong probability that the break is legitimate. The Hurst Exponent now projects a 56.22% probability that the trend will continue to the upside.
The pattern measures approximately 160 pips, however resistance lies at approximately 150 pips away at the 1.27166 level.
USDCHF
Today's trading on the Swiss Franc saw a break of the support line created at the 0.95510 level. The pair was in a previous down trend prior to range which occurred over the past few days of trading in the market. Forex traders now observe the pair's movement as the down trend continues to support areas of 0.94681 and 0.94190 in the short term and 0.92707 for long term trading in the market.
USDCAD
The USDCAD has yet to break its support line however there is strong movement to the down side as trading continues today. A break of the support level created at the 0.98467 level would mean a continuation of the down trend which took place prior to the pair's range. Development of the move will be observed during the last day of trading in the market today.
useful information.Looking to see whats happening as the day progresses.
ReplyDelete