Discussion in 'Forex Trading' started by dealmaker, Apr 24, 2017.
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I think the bullish trend is definitely over for now - EUR/USD has begun a serious correction. I think next target will be around 1.1600, which is the MA89 on the daily time frame.
EUR/USD is consolidating above 1.1700. The consolidation likely won't end before the NFP on Friday. NFP weeks tend to be terribly slow up until the news come out.
EUR/USD found some support at 1.1665 and rebounded from that level. What is more, the pair has formed a clear hammer candlestick on the daily time-frame, also at the same level, so there will likely be a new move to the upside.
Maybe a graph can help to see the big picture.
Long on a ST basis => 1.19 first target.
Short between 1.19 / 1.20
Hold short if 1.1660 breaks, take profit if 1.1660 / 1.1670 holds. Go long again.
EUR/USD did rebound from 1.1665 and continued rallying. It's testing 1.1870 and I think if it breaks out above that level it will reach 1.1980.
I also think that bullish trend will prevail this month. But we'll see, the US situation is really unstable now.
I agree. It looks like EUR/USD is on its way to test the resistance at 1.1870 -1.1880 yet again. I think this time there will be a breakout after all.
EUR/USD is back at the support at 1.1730. A possible breakout below that support could lead to a drop towards 1.1665, which is the MA89 on the D1 chart.
EURUSD day chart appears more like range bound to me.
It ranges from 1.171 to 1.192. even if it breaks 1.192,
the 1.192 to 1.21 band is equally choopy.
Weekly chart is uptrend.
same goes for GBPUSD day chart which appears to be forming a close wedge.
anyway different traders analyse it differently.
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