Euro FX USD future: outside bar pattern drawn on daily chart

We suggest to monitor the outside bar pattern drawn on daily chart. Watch also volumes before entries on long o short positions.

On the 26/02/2016 Euro FX USD future close was at 1.0931 (-1.03%). The bears are in control, the technical analysis applied to the daily chart shows infact a bearish trend, expected the down-trend continuation. The major oscillators confirm the downward trend. We suggest to monitor the outside bar pattern drawn on daily chart. Watch also volumes before entries on long o short positions.

Euro FX USD Future pattern

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 1.1138). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Volumes
Daily chart shows volume is higher than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 26/02/2016.

Performance: 7 trading days= -1.56% – 15 trading days= -2.58% – 30 trading days= +0.05%

Resistance levels: R1= 1.1030 – R2= 1.1130 – R3= 1.1287
Pivot Point: 1.0973
Support levels: S1= 1.0873 – S2= 1.0816 – S3= 1.0659


DAILY TRADING SIGNALS

Buying opportunity above 1.0972 targets minor resistance at 1.1010 and perhaps as far as strong resistance at 1.1050, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 1.1114.

Selling opportunity below 1.0924 targets minor support at 1.0881 and perhaps as far as strong support at 1.0853, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 1.0804.