On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
EUR/JPY: the euro can weaken
2019-11-11 • Updated
Recommendation: SELL 127.55 SL 128.1 TP1 126.55 TP2 125.75 TP3 123.1, BUY 130.1 SL 129.55 TP1 131.1 TP2 132.15 TP3 132.55
On a daily chart of EUR/JPY, the consolidation as a part of the implementation of the “Broadening wedge” pattern continues. If bulls break the resistances at 128.96 and 129.95, they can count on reaching the 88.6% target of the “Bat” pattern. On the other hand, the successful test of the supports at 128 and 126.55 will increase the bearish pressure.
On H1, the implementation of the “Spike and Ledge” pattern continues. If the pair manages to leave the 127.55-130.1 range, the risks of the implementation of the “Bat” or AB=CD patterns will increase.
The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
Hello, my beautiful readers. This week, we continue our critically detailed look at the markets in hopes of getting profitable trading opportunities. As usual, I'll be starting with the DXY (US Dollar Index) since it holds considerable sway over the Major currency pairs.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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