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EUR/USD Trade Opportunity Spotted 7-2-18Hello Friends, as we can see, the Euro has recently halted its decline relative to the dollar at the 0.5 retrace from long-term support and is building a small descending triangle at this important support level. As always, it is impossible to know for sure which way price will move when it resumes trending, however, this is a descending triangle in a downtrend at a crucial support level. Plus a Bloomberg TV speaker declared today that there is the potential for a shakeout since players are still net long the Euro. It seems to me, therefore, that potential for an explosive move is on the downside. However, a break upwards is always possible especially as the dollar appears to be topping out. Such an upwards break, however, may be suspect and I would trade this more as a short-term move due to the potential for the formation of a right shoulder, which if completed would indicate a head and shoulders pattern which would, once again, put us on downside alert.
by Ian_Carsen
GBP/USD Currency Pair Chart 5/10 1. Bounce momentum likely to go from here as Pound is coming from Currency Dip completion of 1.34960. 2. Price action is continually confirming the value of the intermediate-term Mean Resistance $1.37630. 3. The violation of the intermediate-term Currency Dip will undoubtedly bring serious of the short-term bearish implications, having downside targets to next Currency Dip $1.31910, while Key Support of $1.30540 lays directly underneath. 4. Current bullish/bearish bias is 60/40
Long
by TradingSig
GBPJPY -- 200 down, 400 to go!We saw the reversal at the 150 handle, as projected before and during the FED and BoE rate releases. We're down 200 pips...the projection is to 144 so we have another 400 pip decline ahead of us. That said, will be looking for were to jump in (or add) to current shorts. Based on Friday's close, the only areas at the moment where I'm looking for a pivot and continuation down is at 149.20 and back at the 150 area (yellow boxed zones). I did mark the 146 level as an area, pending price action, that would cause me to shift short term to a BUYing bias and to re-evaluate new levels for shorting once again. Will update during the week...
Short
by ProSTrades
Euro/USD ready to head southThe pair formed a clear double top at the 1.25 area. Look for the continuation of the move south to the 1.22 area. If price breaks that area look for a play towards the trendline. Zoom in on price action to see the double top more clearly. Always have a plan. Idea becomes invalid if price breaks north above the 1.255 area and holds. Remember always make your own choices and do your own due diligence when it comes to trading. No one can protect your money better than you. Good luck Traders.
by YourForexMan
1
EURUSD Trading Guide for Next Week!The next resistante level is @ 1.21500 . Those levels date back from the fall in 2015 and 2012. The Green Ascending Trendline from the wedge is a must hit retest. Afterwards, two scenarios are drawable: a) BLUE - Climb either to this week's high, or to the 1.21500 levels (wither with retest of the channel line, or straigh breakout). Note how low the RSI levels are... Gives a bullmarket a lot of strength and breathing room. b) RED - Pullback parallel channel line, and a continuation down to a support line which will coincide with a prallel of the top trendline thus forming a channel. b) We fall into the channel, retest it, and pullback to a support level that will coincide with the channel's bottom trendline. We'd like to see Price Action fall under the Mov Avg, retest it and then go back down FX:EURUSD before shorting. Note, this channel is worth what it's worth. market has yet to come close to it as the only real pattern we have was the Wedge it broke out of. Although, experience hints that the channel will exist in the future and sets for a great TP. THE BIG QUESTION: Are we going to push to 2015 resistance levels, and weaken the Dollar even more? Or are we going to come back down into the 1.18 area... Good luck! Discipline needed to execute these setups.
by ChasingTheMarket