Hello traders,
This is my daily forecast for EUR/USD August 12th.
On the daily timeframe we can see that we had a massive bear pressure and we sold all the way down 1.17100. It is a very crucial level in the market as the last time we touched this level we made a pretty neat bullish run to the upside. And it looks like we are going to do it again as the last 2 days have been showing signs of bullish momentum stepping in to the market. But I am day trader and I trade what I see during the day.
If the market starts to show bearish signs I am looking for going short 1.17308 to 1.17100 as it is the psychological level in the market where I think the market wants to go for the second test. And then we shall look for bullish uptrend.
But if the bulls are stepping in much earlier than expected then I am looking to go long 1.17515 to 1.17600 it is a very small gap but it should be tradable fairly easy. I would not go further long because we have a order block in the market which I marked up with the color yellow. I will be highly up my toes on that level because this could be the reversal point in the market. If we manage to break through that level I am looking to go long again at 1.17665 to 1.17992 this is a much more preferred trade to take in my opinion. As we have a clean candles to the left.
This was my daily forecast for EU, I hope you guys liked it. I wish you a happy trading day and good health!
Peace,
LoneFX
This is my daily forecast for EUR/USD August 12th.
On the daily timeframe we can see that we had a massive bear pressure and we sold all the way down 1.17100. It is a very crucial level in the market as the last time we touched this level we made a pretty neat bullish run to the upside. And it looks like we are going to do it again as the last 2 days have been showing signs of bullish momentum stepping in to the market. But I am day trader and I trade what I see during the day.
If the market starts to show bearish signs I am looking for going short 1.17308 to 1.17100 as it is the psychological level in the market where I think the market wants to go for the second test. And then we shall look for bullish uptrend.
But if the bulls are stepping in much earlier than expected then I am looking to go long 1.17515 to 1.17600 it is a very small gap but it should be tradable fairly easy. I would not go further long because we have a order block in the market which I marked up with the color yellow. I will be highly up my toes on that level because this could be the reversal point in the market. If we manage to break through that level I am looking to go long again at 1.17665 to 1.17992 this is a much more preferred trade to take in my opinion. As we have a clean candles to the left.
This was my daily forecast for EU, I hope you guys liked it. I wish you a happy trading day and good health!
Peace,
LoneFX
Trade closed: target reached