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.
EUR/USD: will the EUR rise?
2019-11-11 • Updated
Recommendation: BUY 1.1470 SL 1.1415 TP1 1.1570 TP2 1.1660 TP3 1.1760
On a daily chart of EUR/USD, the transformation of the “Shark” pattern into 5-0 pattern continues. Buyers are focused on moving the pair towards the resistances at 78.6% and 88.6% of the CD wave and breaking them. On the other hand, bears plan to move the pair towards the support at 23.6% with the following update of November’s minimum.
On H1, the successful test of the resistances at 1.1470 and 1.1515 (50% of the downward wave) will increase the risks of the implementation of targets at 113% and 88.6% of the senior and junior “Shark” patterns.
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.
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.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?