
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.
2019-11-11 • Updated
Recommendation:
BUY 1.1425 SL 1.137 TP1 1.1525 TP2 1.159 TP3 1.17
On the daily chart of EUR/USD, there is a transformation of the "Shark" pattern into 5-0. Bulls plan to implement the "Head and shoulders" pattern. The pair needs to test the resistance at 1.445 (38.2% of the "Shark" pattern) to activate that pattern.
On H1, the "Spike and ledge" pattern is implemented. The pair stuck in the consolidation range between 1.1265 and 1.1425 ("ledge"). If the euro moves out of the upper border of this range, it will increase the odds of the "Bat" and "Shark" patterns' implementations. Otherwise, if the lower border is broken, the pair will continue to fall.
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.
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
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