I have decided to come up with a live chart tutorial series for my blog where I will share with you my live chart analysis and at the same time teach you some useful stuff for trading.
My EURUSD Analysis
If you have read my previous post, you will know that there is an ascending triangle formation on the EURUSD. The ascending triangle is a sign of continuity but the price did not break upwards and instead broke the triangle downward. This is a chance to show you that the market will not always follow the textbook way of movement.
When it breaks downward, you have to be careful initially as it is now moving against the trend.
owever if you take a look at the 15 minutes chart, the price has broke below the 400 EMA support which is the yellow line below. The 400 EMA old support has now turned into a new 400 EMA resistance.
If you take a look at the 4 hourly chart, you will see that the price is still being resisted by the 100 and 200 EMA which is the green and blue line. But if you take a look at the white line I have drawn, it is also a major support level that the price is trying to break now.
For this type of situation, it is always harder to trade as the price is being held by both support and resistance.
Therefore for the EURUSD, I will look to go SHORT for this coming week if it manage to break below the 1.10536 level.
My USDJPY Analysis
If you take a look at the 15 minutes chart, you will see that there is a long spike upward candle formed but the price slowly took back every upward pips movement before the market closed on Friday.
I will write you another post to share with you my personal experience with this type of spike movement.
If the price manages to break below the major support, I will look to go SHORT for this pair as well
If you are interested in joining my forex course, you can take a look at the link below