A corrective bounce is being seen as intraday charts are reporting bullish divergences and a possible sign of return? (Check blue arrowed trend line below the chart and on the RSI)
For a clearer Picture -
Corona fears have drained Gold prices, and caused a massive market panic and printed the lowest level since Feb. 5 @...
Supply Zone between A - B
Entry Below Line B - @1.2761
SL above the Supply Zone - @ 1.2651
TP above long-standing Support Level - 1.258
Risk Reward Ratio - 1:2
Total PIPs Achieved - 178!
(check the comment for actual trade Screen from my MT4)
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This idea is inspired by Corona Virus fears in the US followed by strong analysis.
Running trade and profits are shown in a tweet posted on my account, look for the link in the comments.
** Support shown in Point #4 was tested on:
25 June, 19
24 sep, 19
3 oct - 8 Oct, 19
presents a strong case and price action movement around this...
The day has come where The "king of forex indicators" is going to bump into something else that resembles a crown!
EUR/USD has completed a 500-pip rally trading above 1.13 in an effort to recover from the recent nosedive amid coronavirus fears, as shown by the giant ARROW.
There is a market sentiment thinking that this rally only be the beginning as coronavirus...
For EURUSD These are the 2 main deciding factors this week and have been proven to be equally weighted: The Corona Outbreak and NFP.
Looking at the scenario, EURUSD is very speculative as of now as the US is lagging behind running and releasing test kits, which in turn can increase the number of virus cases hurting the safe-haven dollar.
USOIL trading multiyear @ lows but shown a good jumpy reversal in the week start (March 02, 20), due to the even a great engulfing has been observed.
The lowes occurred due to global slow down fears. The fear is so dense that OPEC was literally forced to cut production which was seen in the major slow down in 2008 - 2009.
As it's been reported that OPEC have...
For a great amount of time, the EURUSD pair has been falling continuously. And it's falling so greatly that has broken its 2 year's low with a snap as predicted! (see a grey circle and For analysis check the related idea)
The pair enjoying a halt at current levels but, IS THE MARKET WILLING TO PUSH IT EVEN LOWER?
The answer could be YES!
There could be several...
The pair has been falling without a single look back since the start of the week, currently trading at 1.2860 (1735 HRS GMT +5.30) dropping to a 7 day low!
At the starting of the week (17 - 2 - 2020) made a high of 1.3054, testing the 50 day SMA, and then falling continuously. The pair is currently trading at the minutely falling support line.
In the previously published idea, I shared that USOIL made a nosedive and attempting to recover from this loss and it made a double bottom on the daily chart.
This week the asset has broken the downward channel as displayed in the attached chart. and it's riding the upward trend line.
USOIL has also broken the recent strong resistance at $52.12 after testing it...
EURUSD is struggling a lot since the starting of this year so far. Bombarded from every side at once.
The pair has fallen 270 PIPs in the last 17 days.
And it has broken very strong support at 1.8370, the lowest in the last 2 years.
Currently, its making 2 scenarios as currently the market is divided into 2 parts on the hottest topic in the discussion Corona...