Daily Forex Chart Art – Mar. 24, 2014

EUR/USD: 1-hour

EUR/USD 1-hour Forex Chart

EUR/USD 1-hour Forex Chart

Aaah… Breakout! EUR/USD made a convincing break below that rising trend line that has been holding for more than a month already. However, bears seem to be a bit hesitant to push the pair lower, as a small retracement might take place first. EUR/USD could retest the broken trend line, which is right around the 50% Fibonacci retracement level. Stochastic is pointing down from the overbought zone, indicating that selling pressure is mounting.

USD/CAD: 4-hour

USD/CAD 4-hour Forex Chart

USD/CAD 4-hour Forex Chart

If you’re really dollar bullish, then here’s another setup that you gotta check out! USD/CAD just made an upside break from its range, but the pair looks ready to make a quick pullback before heading any higher. Stochastic is moving down from the overbought area, which means that bears are in control at the moment. The tides could shift once USD/CAD tests the former resistance at the 1.1150 minor psychological level and the pair might bounce back to its recent highs near 1.1300.

USD/CHF: 4-hour

USD/CHF 4-hour Forex Chart

USD/CHF 4-hour Forex Chart

As for the dollar bears out there, y’all didn’t think I’d leave you behind, did ya? If you take a look at this break and retest situation on USD/CHF’s 4-hour time frame, you’d spot a potential opportunity to short the Greenback. The pair seems to have found resistance at the 38.2% Fib, which lines up with a support turned resistance area, while stochastic is indicating overbought conditions. If the pair keeps selling off, it might reach its recent lows near .8700 or even make new ones!

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.

  • Chuks

    Eurusd is a master of deception especially on intraday charts. I am very positive of this pair hitting 1.4250/1.4320 in coming sessions. Could take another week or more but this pair is strongly supported. I just too a long at 1.3795 with those figures in mind. should it fall further, I will take a loss just below Friday close. Other than that, I think this pair is condemned to rise for a while yet. In case you join the bears. Good luck

    • Big Pippin

      Thanks for sharing your thoughts! I agree that EUR/USD seems difficult to trade these days, as it just keeps bouncing around that 1.3800 mark. You think that was a false break? It’s back above that level now and seems ready to push higher once more.

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  • Chuks

    It only requires patience. I have been rooting for 1.4250 and above since last year and we are yet to get there. At the same time, it has not fallen. To me, Eurusd’s lethargy around current level is normal for a pair coming up against a massive event area, which current levels represent. I continue to be optimistic that one day, we will get a potent breakout that will fluster this resistance and from where I am standing, I can see it coming sooner. Today’s close has bolstered my belief on an imminent break up once more. I still have my long from 1.3795 and will keep holding for the week unless something happens. My stop remains secure at 1.3739. I will just try to Break it Even as soon as I can. Yesterday’s low becomes a new hiding place for us.

  • Chuks

    Eurusd is ready to lunch another leg from current price of 1.3830 level with intraday target of 1.3965 area. That would represent a good move for intra day players imo. Stops below 1.3748 should be safe in my opinion