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:
- 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: 30/06/2015
In this edition of DecaPip Daily I would like to look at the EURUSD after yesterday’s large reversal and what it could potentially mean for the rest of the trading week.
After reaching 1.0955 yesterday with a large gap down in the Asian session the EURUSD quite incredibly managed to reverse all the losses and make a high of 1.1280 in the late European session.Printing one of the more extraordinary daily candles on a EURUSD price chart we have seen in sometime on this pair.
If we first focus on the technical levels with 3 levels of Resistance and 3 levels of Support.
1.1272 Resistance 1
1.1420 Resistance 2
1.1610 Resistance 3
1.1110 Support 1
1.0980 Support 2
1.0740 Support 3
In the chart below we can see a Weekly time frame chart.One key point to mention is that we still have a lower high on the weekly candle.Meaning that we still are still below the candle high from the previous week.
So even after yesterdays the picture is still very unclear.Even after the rather amazing Daily candle printed yesterday.