EURUSD LONG TRADE SETUPThe weekly is turning lower and the daily right side is down against the 2/16/18 highs at 1.2551. The 4 hour right side is down with a bearish sequence against the 12/31/19 highs at 1.1237. While below 1.0949 where the hourly right side is down the pair can see another low in the 1.0700 area before it corrects the cycle lower from the 12/31/19 highs.
Eurusdlong
EURUSD TRADE SETUP FOR LONGA second wave (x) ended at 1.2532 on 2/16/18 where the weekly is turning down and the daily right side is down. Down from there wave a ended at 1.0877 on 10/1/19 where the 4 hour is turning up. From there a wave ((W)) is in place at the 1.1239 highs from 12/31/19 where the hourly is turning down. From there the cycle in wave (W) ended at 1.1084. While above there it can see a bounce to correct the cycle from the 12/31/19 highs. While below there it can see another swing lower in the correction of the cycle up from the 10/1/19 lows.
EURUSD beginning a bullish channel since November 2019Good macros from European countries make the EURUSD follow a book bullish trend at the same time that Fed is trying to keep up its repo balance sheet and dollar is weakening against major currencies (refer to DXY where it has broken second support). The fact that Iran looks like is going to retaliate any moment from now does not give a positive scenario to markets and even though it was the US who issued the order to kill General Qasem Soleimani, a hard response from Iran (until now it has only withdrawn from the nuclear agreement) would mean an appreciation of the dollar currency as it is considered as the safe heaven. Other currencies, despite their good macros would tumble. As this is the worst case scenario, EURUSD contemplates this possibility and does not react as expected towards good macros from European countries. Besides, today's US's ISM Non-Manufacturing PMI and Factory Orders (MoM) were better than expected which gives wings to the greenback. My position would be: Start a bullish position in EURUSD at 1.1118, bearing the risk it can go further below at 1.1101 maximum and close at 1.1245, bearing the possible missed opportunity at 1.1260.
EUR/USD TECH-SHEETghstocktrading.webnode.com
EUR/USD TECH-SHEET
EUR/USD: performed only +1.53% for the year 2018, in which 16th February 2018 top 1.2557 consider to be the year top whereas 12th November 2018 bottom 1.1214 consider to be year low. EUR/USD completed (+or-) 1343 pip.
If it breaks 1.1491
Buy @t Entry: 1.1491
Stop Loss: 1.1234
Target 1: 1.1523
Target 2: 1.1528
Target 3: 1.1534
Target 4: 1.1542
Target 5: 1.1555
Target 6: 1.1577
Target 7: 1.1620
Target 8: 1.1748
EURUSD Intraday ForecastAs we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.118.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=1.122.
TP4: R2=1.126.
Set the stoploss of these orders at breakout of S2=1.117.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of S2=1.117.
In this situation, there is an expectation to reach the target S3=1.1105.
Set the stoploss of reverse orders at breakout of S1=1.118.
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EURUSD Following Down Channel Pattern - Forex Technical AnalysisWe are doing EURUSD Analysis in Daily Time frame
as you can see right now market is Holding Down channel line Support area. if we take entry from here then our risk to reward was perfect that is 1:3
If our target hitted then we will be in 120 pips profit
Target : 1.13584
Stop area : 1.11660
Note: This is only for Educational Purpose this is not an Investment advice.
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Thanks
Adil Khan