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EUR-USD MARKET FORECAST (LONG TERM TRADE SETUP)Hello traders, it's been a while since I published an idea, well here's one.... This chart analysis depicts my current long term view on EUR-USD. FUNDAMENTAL POINT OF VIEW with the dollar getting weaker by the day as a result of the economic drawdown caused by the pandemic, I expect this pair to soar higher in the coming days, weeks and months. Though this might happen slowly because the European Union is also taking a hit economically by the pandemic. This has also made the EUR a bit weaker against the Us Dollar. We would see higher impact on the Us dollar because of it's notion as a reserved currency and a safe haven asset. With the economic stimulus (Money Printing) going, which gives rise to money devaluation, I believe investors will adopt a new asset class like Bitcoin and gold which I believe is already happening. TECHNICAL POINT OF VIEW looking at this chart from a technical point of view, we can clearly see price breaking out from a triangle with a declining resistance holding since 2008. Right now, we're having a consolidating flag above the triangle. A break out from this consolidation to the upside will mean a bullish signal taking us well over 1,000+ Pips to new highs midterm highs around 1.40000 We can only wait to see where the market takes us but there's also a 20% chance we might fall back down into the triangle and this current consolidation would be regarded as a fake out. But I'm overall bullish. I hope this short analysis helps. For more important and insightful analysis like this, give this idea a like, follow me and do check out our website in bio.
Long
by sesanjoel
GBP/JPY bearish formation to 137.000Hello Fellow Trader! GBP/JPY bearish formation during Asian session signaling possible test of trend line. GBP high impact news in within the next 2 hours on Claimant Count Charge and ILO unemployment (3 month) which is a leading indicator for the UK economy. Consensus is showing slight increase which would support the GBP/JPY drop. Key Points: - Price holding above the 200 EMA - Price holding below the 50 EMA - 21 EMA has crossed below 50 EMA - Bearish flag forming at the 50 EMA - Drop of volume within the flag - A large tail rejection candle (Pin bar) at optimal entry would be highly desirable for entry Key Levels: Support – 200 EMA, 137.000, 136.650 Resistance – 137.675, 50 EMA Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals. Optimal Entry – 137.550 Supporting Entry – 137.500 Candle Reversals for entry - Bearish Shooting Star - Bearish Engulfing - Bearish Dark Cloud Cover The Risk: As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios. If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital. IF: Price breaks above 137.740 level and violates 50 EMA – this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Reward / Reward Targets: Optimal Entry 137.550 – Target 1 137.000 = 3x Reward to Risk Optimal Entry 137.550 – Target 2 136.650 = 5x Reward to Risk Supporting Entry 137.500 – Target 1 137.000 = 2x Reward to Risk Supporting Entry 137.500 – Target 2136.650 = 3.8x Reward to Risk
Short
by tradetheday
EURUSD Sell Stop at 1.17548EURUSD Sell Stop at 1.17548 SL 1.17829 TP 1.16424 (Please consider the spread of broker for Entry price, TP & SL ) RR 4.0 // DISCLAIMER This explanation is only my personal opinion only. Trading financial markets involves risk, and is not suitable for all investors. I am not responsible for any losses incurred due to your trading or anything else. I do not recommend any specific trade or action, and any trades you decide to take are your own
Short
by Forex_Price_Action_Traders
USD/JPY Crossed Daily Trend Target 106.800Hello Fellow Trader! USD/JPY at September open price for possible further expansion. A retest of 50 EMA provides a superior reward to risk ratio but could possibly test the daily trend line where we would need to see bullish signals for USD/JPY strength. Japanese current account data in four hours’ time high is deemed high impact on the economic calendar. Consensus stating Y1983.7B from previous Y1468.3B but a miss could see the Yen weaken. Key Points: - Daily – Crossed multi-month trend line - Daily – Reclaimed 50 EMA and holding - Daily – RSI crossed 50 mid-point and trend - Daily – RSI divergence to price lower low - Price holding above the 200 EMA - Price holding above the 50 EMA - Fibonacci 50% cluster with 106.500 (March low to March high Range) - Retest of 50 EMA would be ideal with bullish reversal, but a breakout of September open also provides possible entry - If price hits target 1, move stop to BE and book partials. Key Levels: Support - 105.800, 50 EMA, 200 EMA Resistance – 106.500, 106.800 Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals. Optimal Entry – 105.800 Supporting Entry – 106.000 Candle Reversals for entry - Bullish Hammer - Bullish Engulfing - Bullish Piercing The Risk: As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios. If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital. IF: Price breaks below 105.487 and violates 200 EMA – this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Reward / Reward Targets: Optimal Entry 105.800 – Target 1 106.500 = 2x Reward to Risk Optimal Entry 105.800 – Target 2 106.800 = 3x Reward to Risk Supporting Entry 106.000 – Target 1 106.500 = 1x Reward to Risk Supporting Entry 106.000 – Target 2 106.800 = 1.5x Reward to Risk
Long
by tradetheday