EURUSD looks to go up in the coming week. This is expected to happen on Monday.
So let’s look at the EURUSD chart now. There is a downward trend in the daily and weekly chart. But current price actions show that the EURUSD is losing its downward momentum. So we can look for upward movements.
The above is the 4 hour chart for EURUSD. We can clearly see that the price has broken the bottom support line. But the price has not established under that line. And also it is hitting the trend-line and getting rejected. So we can expect the price to go down a little and then go up. You can see it in the 1 hour chart also.
So you can buy the currency pair early in Monday morning. But to get more profits, it will take around 24 hours.
You can wait until you get confirmation. Good luck! Post your ideas in the comments section.
Here is an idea, not necessarily disagreeing, but just another view.
If that trend line was breached once, even if momentum is falling, why would it not move sideways for the next 24 hours and then continue downward through the trend line again?
Hello! Thank you for posting this. If we place a trade during the Asian session 0 GMT todayI or within 2-3 hours after that, the market will most likely be stable. (Normally, it is as this is quiet time.) However this a Sunday/Monday morning that will most likely show some volatility as in whipsaw market…choppy waters ahead. How will U.S. Market and Global market react to Trumps domestic issues of Russian Obstruction or Innoncence. There is a strong likelihood democrats will react along party lines, as well as republicans. This means uncertainty in the markets…and whipsaw.
I like chinzakaboom’s set-up. Also, I believe that he’s timing it for Monday/Tuesday and it reads as though he’s timing his entry on price action confirmation. All Good. The wait and see approach is far less risky.
Hello! Thank you for posting this. If we place a trade during the Asian session 0 GMT todayI or within 2-3 hours after that, the market will most likely be stable. (Normally, it is as this is quiet time.) However this a Sunday/Monday morning that will most likely show some volatility as in whipsaw market…choppy waters ahead. How will U.S. Market and Global market react to Trumps domestic issues of Russian Obstruction or Innoncence. There is a strong likelihood democrats will react along party lines, as well as republicans. This means uncertainty in the markets…and whipsaw.
I like chinzakaboom’s set-up. Also, I believe that he’s timing it for Monday/Tuesday and it reads as though he’s timing his entry on price action confirmation. All Good. The wait and see approach is far less risky.
Here’s my take on the EURUSD, from the technical viewpoint of a swing trader.
The daily time frame shows a market in a corrective phase of an impulsive downward trend. This operation is taking place in a descending wedge (blue). Currently, price action is located around a minor horizontal support, the 1.12330 area; and barriers to a southward movement include the wedge support (less than 30 pips away) and a major horizontal support at the 1.11300 area. Thus, bears may find it difficult to gain momentum for a southward continuation. In the early part of this week, we may see a sideways of price action, or even a brief northward retracement to an area of value, before a southward turnaround.
The oscillators are oversold, the stochastic has fallen below the level of 20, the RSI is below the level of 40. This means that in a downtrend EURUSD coming upward correction. Correction target can be the level of 1.1300. And maybe the price will move higher.
The turnaround, whenever it comes, might be ‘close’ to 300 pips. There are still a lot of leveraged shorts to cover. I’m not going long till something (the chart) tells me the move is very probably upward now.
frandlost,
Commitment of Traders Financial Traders Report (TFF Report.) Although not record shorts, a little short covering at these levels can sometimes cause a pop.
I do not trade reports like these, per se, but sometimes look at them for a clue about a direction of more than a day trade. Too, in the Commitment of Traders Report, the way commercials take a side that grows and ebbs with the price is interesting as a ‘sentiment’ gauge, because almost everyone else is on the other side. These are just casual observations, not actionable numbers on their own, at least that I know of.
If so, I’ve heard about that but could spend more time with it. I think It might be able to help me out as I’m a longer-term trader week, few weeks, months.
EUR / USD will rise to the Kijun line and turn down there. I think so, because the stochastic is already overbought, and Kijun is a pretty strong level. Recently, Tenkan crossed the Kijun from top to bottom, which gives the signal to open short ones.
Bobart, I support your opinion. I am also not necessarily trading based on opinion expressed from other professional traders, but however, I am just using these as a way to test my own analysis and see if maybe I have overseen something important
As an exchanger I see the gap between EUR and USD is quite tight not much different at small volume. Could we except a decline to 1.0xxxx level in next years? What will happen if EUR and USD have same price level?
