Hey everyone!!! Happy trading! I hope everyone enjoyed Non-Farm Friday.
Here is a short term analysis for the next 2 maybe 3 days for the EURUSD pair.
EURUSD
1 HOUR Chart
NFP Shook the pair to no doubt take out some stops. The general consensus for August NFP was to reverse, but not many people were expecting the
magnitude of the negative report to be as bad as it was. For this, we see extreme levels spiking as well as selloff from people taking profit and setting up for the next batch of US data. After this, the pair found a comfortable point to settle on as people may have closed their positions for the weekend.
From this chart, the pair is suited for a short term bullish trade to retest the .38 fib level while also falling in line with the higher timeframe Support trend line. I see a 2:1 profit/risk ratio to the short upside here.
EURUSD
15 MIN Chart
Further example of what I mentioned earlier.
EURUSD
"Bigger Picture" 4 HOUR chart
For those of you that want to trade the higher timeframes, this is the chart for you. If you see here, the pair (while taking a short bullish trade in the lower timeframes) has room to be bearish in order to find more volatility to retest highs. If you want a more solid entry, wait for the pair to retest the .61 fib and more dependable support level (where blue circles are). Looking for a bounce there, we could easily see bullish activity back to .50 fib and beyond, especially given the renewed tension between US and North Korea.
Here is a short term analysis for the next 2 maybe 3 days for the EURUSD pair.
EURUSD
1 HOUR Chart
NFP Shook the pair to no doubt take out some stops. The general consensus for August NFP was to reverse, but not many people were expecting the
magnitude of the negative report to be as bad as it was. For this, we see extreme levels spiking as well as selloff from people taking profit and setting up for the next batch of US data. After this, the pair found a comfortable point to settle on as people may have closed their positions for the weekend.
From this chart, the pair is suited for a short term bullish trade to retest the .38 fib level while also falling in line with the higher timeframe Support trend line. I see a 2:1 profit/risk ratio to the short upside here.
EURUSD
15 MIN Chart
Further example of what I mentioned earlier.
EURUSD
"Bigger Picture" 4 HOUR chart
For those of you that want to trade the higher timeframes, this is the chart for you. If you see here, the pair (while taking a short bullish trade in the lower timeframes) has room to be bearish in order to find more volatility to retest highs. If you want a more solid entry, wait for the pair to retest the .61 fib and more dependable support level (where blue circles are). Looking for a bounce there, we could easily see bullish activity back to .50 fib and beyond, especially given the renewed tension between US and North Korea.
Trade closed: target reached:
Trade happened on M15 chart. Closed at the next bullish fib level for +15 pips. Happy trading everyone!