Basic Knowledge of Forex Trading

Basic Technical Indicator Usage

Understanding Trend & Patterns

Understanding Candlestick Patterns

Sunday, September 27, 2009

EURUSD Analysis Outcome on 27/9/2009

The EURUSD 5min chart is showing an ascending triangle, signifying uptrend.
To confirm that it have to break out the resistance line.
In the chart, we saw that the last candlestick is a Bearish Engulfing Candlestick
which touches the support line.
Therefore we have to wait for the candlestick to breakout of either side of the line.


 


In a bigger picture for EURUSD 15min charting .
A pattern of Inverse Head and shoulder pattern is showing us a peek.





But it may also signify a double top pattern. It is still too early to judge as both neckline have not been
reached.


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