DecaPip Daily: 31/07/2015

Introduction to DecaPip
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. The most effective way to use the levels are:

  • 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 low

For the last DecaPip Daily of July I would like to take a closer look at the EURUSD and focus on some key areas that traders will be watching closely on this currency pair.

With the Eurusd I am keen to Sell a pullback here but also cautious on Friday as this is the last trading day of the month and we may have choppy trading conditions that could have more to do with profit taking / corporate hedging and the options market than actual real money positioning in the foreign exchange market.

The chart below is a real favorite of mine and highlights the 1.1014 Resistance in effect numerous times through out the month.

Screen shot 2015-07-31 at 07.24.21

Traders may be looking to Sell the 1.1014 resistance level soon and it also makes a near perfect head and shoulder right shoulder completion pattern.

Another great chart I have drawn below also shows theĀ  1.1033 area as a potential area traders may look to swing sell into if 1.1014 fails to hold a potential up surge.

Screen shot 2015-07-31 at 07.17.32

Currently 1.0890 is holding support for the EURUSD as is 1.0933.I currently feel uncomfortable to buy EURUSD with a number of chartsĀ  illustrating a complex head and shoulder pattern possible in the process of being made.


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