Daily Chart Art – August 31, 2011

EUR/USD: 1-Hour

EUR/USD 1-hour Chart

You can’t have a euro roundup without EUR/USD! Lucky for us, there’s a promising range on it! Right now, price is in the middle of nowhere, so it might be a while before this setup becomes ripe for the picking. The area of 1.4500 might be a good place to sell, while 1.4300 presents strong support, a possible demand area. Just remember to wait for confirmation from candlesticks and Stochastic before you act!

EUR/GBP: 4-Hour

EUR/GBP 4-hour Chart

If trading crosses is your thing, then this range on EUR/GBP may be just what you’re looking for! Cyclopip spotted and took profit on this setup last week, and so far, he’s been right on the money. The pair has remained range-bound on the 4-hour chart and is currently testing resistance. Should the range stay intact, price could find its way back down to around .8650.

EUR/CHF: Daily

EUR/CHF Daily Chart

Sound the alarms! We’ve got a doji in Fibonacci territory, folks! As you can see, EUR/CHF recently formed a doji on a former support and resistance level on its daily chart. Is this an early sign for a turnaround? It could be! But just to be safe, you should probably wait until today’s candlestick closes before you commit to shorting EUR/CHF. Should a bearish marubozu form today, take that as a green light to sell!

Before you get carried away with all these chart patterns, remember that technical analysis is only half the story.

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.

Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals. Check him out, playas!

  • John

    You make a compelling analisist for the eur/gbp.