Welcome to our newest feature; DecaPip. The concept is simple: our professional market technician, with an exceptional system, showcases his own daily Support and Resistance levels across a broad spectrum of FX currency pairs. Please note: the featured Support and Resistance levels are not trading recommendations by Littlefish FX, but a guide to show you what a real life professional FX Swing Trader is looking for on a Weekly and Daily basis. The most effective way to use the levels is:
- If indicated levels hold, look for the price to reverse.
- If levels are broken, look for the price to continue past to new highs or lows.
DecaPip Daily: 01/07/2015
In this edition of DecaPip Daily I would like to put the spotlight on the EURUSD and GBPUSD.
I have been giving some attention to EURUSD on DecaPip lately, primarily because it has been a way to get exposure to the volatile situation in Greece.
After Monday’s extraordinary bullish daily candle yesterday, we closed with a large reversal candle and a swift rejection from the 1.1240 area. So what can the charts tell us about Wednesday’s session ?
I would also like to look at GBPUSD. The amount of rejection it is receiving in the 1.5770 area is getting interesting, while it also seems unable to close below 1.5680.
1.1205 Resistance 1
1.1280 Resistance 2
1.1438 Resistance 3
1.1105 Support 1
1.1018 Support 2
1.0880 Support 3
1.5759 Resistance 1
1.5844 Resistance 2
1.5670 Support 1
1.5620 Support 2