Greetings Fellow Traders,
I don't use news to influence my trade ideas, but I know that many of you do. If you're trying to guess where EURUSD is going, I urge you to stop guessing and just watch what the market is doing instead.
After the initial surge from 1.05 area we're seeing more and more structure appearing from EURUSD, particularly a potential channel. The most recent drop from the highs on lower time frames will look like a trending move and now consolidation (on the potential channel level).
Looking to the top, I expect VERY Heavy Bearish pressure between 1.1120 and 1.1180. The long term bearish trend remains intact provided that dark blue trend line holds. It's a weekly and monthly trend line so it won't be given up easily.
So before the FOMC announcement/potential volatility, don't guess the direction. Trade your charts. Look for selling opportunities on a confirmed break of the channel shown, or bearish formations near the resistance levels.
Please do your own analysis before entering a trade - Don't over leverage your trades, during major news releases volatility and spread increases can pinch even a correctly identified trade because of it. If you like what you see feel free to comment like or follow.
If you have any requests on pairs you'd like to see, simply send me a private message or comment below and I can offer my view.
I don't use news to influence my trade ideas, but I know that many of you do. If you're trying to guess where EURUSD is going, I urge you to stop guessing and just watch what the market is doing instead.
After the initial surge from 1.05 area we're seeing more and more structure appearing from EURUSD, particularly a potential channel. The most recent drop from the highs on lower time frames will look like a trending move and now consolidation (on the potential channel level).
Looking to the top, I expect VERY Heavy Bearish pressure between 1.1120 and 1.1180. The long term bearish trend remains intact provided that dark blue trend line holds. It's a weekly and monthly trend line so it won't be given up easily.
So before the FOMC announcement/potential volatility, don't guess the direction. Trade your charts. Look for selling opportunities on a confirmed break of the channel shown, or bearish formations near the resistance levels.
Please do your own analysis before entering a trade - Don't over leverage your trades, during major news releases volatility and spread increases can pinch even a correctly identified trade because of it. If you like what you see feel free to comment like or follow.
If you have any requests on pairs you'd like to see, simply send me a private message or comment below and I can offer my view.
Comment:
Nice Trade Opportunity for anyone that read this and saw it. The daily provided the close we were looking for. Lower time frames were consolidating in the exact same manner....as soon as the lower time frame's broke their consolidation...EURUSD plunged 40 pips. If you missed the trade - just wait for another set up.
