- Downtrend since 1st September.
- I’ve identified previous Support between 123.00 and 123.15, which has been broken and now flipped to Resistance.
- Price has come up to the trendline and retested Resistance, and then rejected 20 pips, forming a Bearish reversal candle on the 4H chart.
- Selling Volume has increased 25% on this bearish candle.
- Price has retraced to the 0.382 Fibonacci level, drawn from the swing high to swing low of the 4H chart.
- Stoploss is placed 15 pips above the recent swing high.
- Target is just above the next Support Structure.
- Price has also used the EMA 100 as resistance.
Germany trade balance is announced 7:00AM Monday morning, could be bearish for EUR if trade deficit is shown.
Previous release was bearish for the Euro.
JPY - Leading economic index news 5:00AM Monday morning. Consensus is higher than previous, meaning potentially bullish for JPY.
- I’ve identified previous Support between 123.00 and 123.15, which has been broken and now flipped to Resistance.
- Price has come up to the trendline and retested Resistance, and then rejected 20 pips, forming a Bearish reversal candle on the 4H chart.
- Selling Volume has increased 25% on this bearish candle.
- Price has retraced to the 0.382 Fibonacci level, drawn from the swing high to swing low of the 4H chart.
- Stoploss is placed 15 pips above the recent swing high.
- Target is just above the next Support Structure.
- Price has also used the EMA 100 as resistance.
Germany trade balance is announced 7:00AM Monday morning, could be bearish for EUR if trade deficit is shown.
Previous release was bearish for the Euro.
JPY - Leading economic index news 5:00AM Monday morning. Consensus is higher than previous, meaning potentially bullish for JPY.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.