Continue strategy, goal 500 pipsHello dear friends, another week of trading has come to a close. Let's summarize the past week's transactions with Karina and discuss our new strategy!
As Karina mentioned in last week's analysis, the EUR is currently in a recovery phase with a corrective trend, receiving support at the level of 1.055. However, breaking through the resistance at 1.070 seems challenging and remains the target.
Currently, at the end of this week's trading, the EUR has temporarily halted at the level of 1.055, and there are no signs yet of a reversal in trend for this currency pair. It appears that the downward trend has officially resumed after last week's sideways movement. According to the Fibonacci tool from Trading View, after a recovery phase reaching the 0.5 level (1.070), prices have started to decline again.
Karina still holds a strong belief in the downward trend for the coming week. Once the current support level is broken, there will be nothing to stop the EUR from plunging deeper. What are your thoughts on this perspective?
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1000pip
USDJPY wedge + head and shoulder updateThe price broke out of the wegde, but got knocked in again by the 50 SMA and has now formed a head and shoulder pattern yet to be completed. Price got rejected at daily R1 Pivot and is moving down to complete the HS. Daily is aswell showning signs of a top, stochastics are overbought. 1H has RSI and Stoch overbought and the trendline on RSI has been broken. A short entry is good now or you can wait for the break of the wedge and or neckline of the HS.
Happy trading.