Refer to my previous idea published on this pair just to check the power of support and resistance.
Now the story continues... Double bottom on that previous support level, the pair will rally toward the resistance shown which also coincides at 61.8% Fib.
Remember: Always use SL!
After it tested 3 times the resistance level shown, EURUSD will retrace to the support level which also coincides with 61.8% Fib Retracement.
Simple, Easy and straight forward.
SL should be above the resistance level obviously.
Buy Opportunity for this Pair, I will not take trade personally as I am already in a Long Position on this Pair since few weeks.
I just wanted to share my analysis and how I see charts and analyze them. If I delete all triangles, I will still have few other ways to analyze and still get the same result, to Buy.
Looking at the AB=CD pattern completion, it is more likely to break to the lower side.
But this doesn't mean that the pair will trend down.
Let's wait how it will break the channel and we trade accordingly.
Will this pair keep falling or the support will hold?
I believe it is an opportunity to buy the market, but only after confirmation that the support will hold.
Our target will be the previous strong resistance.
I am sure everyone noticed that big head and shoulder. In my previous analysis, we were looking at a smaller head and shoulder (I kept it on this analysis for you to see it, in case you missed my previous analysis)
This will be a tricky trade:
A. If you are with me on this trade setup since the beginning of the month, then you must still have an open short ...
I expect the pair to retrace as show in the next few days. So I will look for short position this week.
If it starts well and the resistance of the triangle became a strong support (I will look on lower timeframes for reversal confirmation), then I will set up a Long position that can last for few days.
Depends on your style of trading, use proper techniques to ...
I will wait and observe how this pair will behave on Monday. If it keeps going up and hold on the resistance level shown, then we should consider shorting.
The targets are were previous support/resistance are in confluence with my Fib Extensions.
We can see from the arrows I drew on the chart, the market was in an uptrend till he reached the double top and didn't break upward to a new structure high.
After the double top, we notice a break of previous support and reversal. Then a retracement to the 61.8% Fib.
This set-up is called a 2618 Trade. Entry should be to short at the 61.8% with SL above the High ...
It seems that all US Dollar Pairs will find reversal or retracement next week. USDCAD is no exception. This pair failed to create a lower low and has been retracing.
I will keep an eye on this pair on Monday to find the proper entry point at lower time frames to go Long.
GBPUSD is expected to retrace next week after easily breaking a strong resistance on the chart.
Resistance, which will become support, coincides with the 23.6% Fib Retracement.
For conservative traders, I would recommend to wait for a confirmation before entering the trade. It could be a double top or retest of current level, or it could be a confirmation of ...
I will keep an eye on this pair, as it might start retracing.
This is a daily chart, so if we look on the 1H chart we can still see that this pair is forming higher highs.
If will not enter any trade on this pair until I get a confirmation for reversal on lower time-frames.
This level is very critical now, I think.
It seems to double bottom here.
If this pair does not break below this support line, this is how I see the EURUSD behaving for the next days.
SL will be at 1.07000
TP will be at 1.08500 (1/2 of my position)
If the market retraced as expected, I will reopen 1/2 position long and aim for the 2nd target.