Daily Price Action
Shares

EURUSD Triangle in Play

Shares

Want more price action setups? Join our Exclusive Member’s Community


We start today’s analysis with EURUSD. The pair has been in a steep decline since May, losing 1,600 pips along the way.

Recently we saw the market trade below former support at 1.2500, which is now acting as resistance. Not only did this level act as support in early October, but it’s also the November open (month opens often act as support or resistance).

In addition to this horizontal resistance level, the pair has formed trend line support best seen on the 4 hour chart. This gives us a nice triangle pattern to watch in the days ahead.

It’s important that we wait for a break of either support or resistance before committing to a directional bias. That said, with the recent downtrend I would prefer to see a break of support to join the bearish momentum.

Summary: Wait for a break of support or resistance and then watch for a price action signal to confirm that the level is likely to hold. Key resistance comes in at 1.2620 while the downside provides much more room with support coming in at 1.2150.

EURUSD 4 hour forex chart

Similar to GBPNZD, EURNZD recently formed a wedge pattern that broke to the downside on November 10th. The pair then retested former support as new resistance and formed a bearish pin bar in the process.

During today’s free fall, the pair managed a daily close below the 1.5900 key level. This area acted as resistance in September and more recently acted as support in October.

We can now watch for bearish price action should the market retest the 1.5900 level as new resistance. This pair can be volatile, so it’s important not to the market. Stay patient and let the price action come to you.

Summary: Wait for a possible retest of 1.5900 and watch for bearish price action. Key support comes in at 1.5700.

EURNZD 4 hour forex chart

NZDUSD analysis

NZDUSD 4 hour forex chart

USDCAD analysis

USDCAD 1 hour forex chart

Want Access to All of the Daily Setups?

Join the Daily Price Action Member’s Community

Leave a Comment: