EURUSD could be griding up to the next level of support turned resistance.
If a breakout long can get past the recent resistance it could be a decent play.
The SMA 50 on the H1 could serve as support if it moves higher.
Waiting to see if EURUSD breaks out long past the resistance zone.
Alternatively, if a support pattern appears in the lower zone it'd be nice to get long.
If it breaks down below the support zone, I'd look for bearish opportunities
Quick review of where USDJPY is at tonight.
The downtrend on the daily timeframe is still intact. Retracing a bit into the 105.65 area.
The 105.60 to 106.60 zone is the key area to hold if the down trend is to stay intact. If a set-up appears in this zone I'll look to short.
Gold could continue the down move for a bit further. This area represents a decent spot where you can risk a small amount.
Concerns are the time of day (late asia). However, doing a 1/2 size trade offers decent risk reward on a breakout that typically works ~50% of the time at 1.5X R/R
Starbucks gapped down on earnings recently. Price retraced to the 20EMA area. Volumes recently below average. If it can make a lower low and lower close below the 20EMA it can provide a bearish opportunity
UJ made a sharp move down. It is below the 50 SMA on the H4 time frame.
On the M30 time frame the market is consolidating in a small zone late this asian session.
Look for entry setups that offer good risk reward that can aim for the 112 area (previous support area)
Market is consolidating into a tighter and tighter range.
Possible resistance turned support from the H1 timeframe (blue line).
Will want to see if this breaks above and holds? Or does it break down and retest.
No position yet. Rather wait and see
Shorted EURUSD as the market broke down from recent higher areas. H1 timeframe also showed lower lows.
Breakdown on the 15 minute provided entry. Unfortunately, market chopped in a range all day after my entry. I took heat all day.
Could be a possible flag pattern trade here. A bit of consolidation/retrace in a down move.
However, we are so close to a support area on the H4 timeframe; I don't think this offers decent risk reward.
I'd have to see it clear below that support before considering a trade.