Forex-currency
EURUSD Daily correction scenarios (details in comments)So there's a reasonable expectation for the EURUSD to correct after the huge rise seen these days. There are several old zones (suports and resistances) that could work, yet the H4 could prove evidence otherwise. Fundamental factors do in fact point to EURUSD not getting back to the pre-draghi levels in my opinion, but it rather depends on the NFP data tomorrow and the elections outcome among other factors. If it rises further, there are also old resistances that could act before getting to the previous levels. Let's see how it untangles!
Technical Analysis of EUR/USDThiw is my view about EUR/USD. I think the pair would move downwards to the area of 1.077, where fibo extension and retracement co-exist. I am waiting your comments.
This is IMPORTANT if you're trading USD pairsThe dollar index is showing some short term signs of correction/bearish movement. We see a rising wedge and 3 consecutive missed weekly pivot points, that's a pretty big deal.
I'm not trading DXY but I am trading USDJPY, EURUSD and USDCHF so this chart will dictate some future positioning on those pairs.
If DXY moves down to at least 98.40 area that could help with being able to move higher however I really like 97.50. A move into that second weekly pivot at 97.50 and some trend line confirmation back up would really help the confidence to sell EURUSD and buying USDCHF.
500 pip trades are setting up everywhere, especially here!AUDUSD, EURJPY, USDJPY, AUDNZD, NZDCAD and many other currency pairs are all setting up for 500 pip plays and we want to be ready for the action!
DXY needs to confirm with a clean break out on the daily chart (it's nearly there) and we need to get past FOMC minutes on Wednesday but barring anything super crazy happening there, we should see a clean move on USDCHF.
If GBP panic movement was a sign of things to come, I want to be long USD against most pairs as the moment but we need just a little more confirmation.
Massive H&S pattern, get short then longThe weekly chart is pretty interesting looking here for a few reasons:
1) we had a large channel break and have run up steadily into 4 year old resistance (8800 area)
2) if resistance holds, I want do short below 8800 for 100-200 pips, maybe more but at least that. Then look for an entry long around the .8000 level
3) if this all plays out we could see 600-1000 pips of movement long term.
This pattern is huge and could take a long time to play out.
The short term opportunity is to short trend line breaks as long as price stays below 8800, looking for 8650 and below as potential targets.
USDMXN shortPair approaching supply level.
Entry : 19.4724
Stop : 19.5827
After filled and level reaches 19.3531, move stop down to entry or collect profits.
