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Inside technicals and chart patterns by Raghee Horner, trader/author at Ragheehorner.com, Chief Currency Analyst at InterbankFX, and Autochartist Chief Market Analyst.

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EUR/USD set ups…30 min and daily charts

Posted on July 15, 2009 at 16:34 in Price actions by Raghee Horner

Let’s look at the EUR/USD and the set ups across the end-of-day and 30 minute timeframe.

The daily EUR/USD is consolidating within a triangle, an asymmetrical triangle, on the daily chart.  The downtrend resistance is still waiting just above the 4100 level and has not yet triggered through this level…however the surge higher is not without its set ups.  Look intraday for those opportunities.

The 30 minute timeframe is heading up in a “twelve to two o’clock” angle and this — for me — is an opportunity to play a trend follow or “swing”.  The “swing” of swing trading is the correction, in this case a pullback.  A swing or pullback to either the 20% Fibo or the top line of the Wave (34ema high) would be a buy set up.  The validity for the trade is as long as 1) prices stay above the bottom line of the Wave (34ema low) and 2) the angle of the Wave itself remains at 12 to 2.

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