Daily Forex Market Update – EURUSD First entry point could be at 1.5180
Following up from the previous post.. if we don’t get the clean break out we can sell from the 50% fib retracement and target 1.02500 at least. So we now have two possible enteries to short this pair.
AUDUSD Approaching Strong Support
We are still awaiting price to pullback to the .737 figure to get short on this pair, Our institutional research is pointing out strong support at .7244 where we can expect to see a bounce. Unique Forex is where retail traders become institutional traders. Learn to trade like an institutional trader and become consistently profitable.
EUR.JPY – BULLISH CYPHER SETUP – 121.589
On the EUR.JPY 4hr chart we have a potential long opportunity’s at the D leg completion of bullish Cypher setup. The price reversal zone on this pair is between 121.589 & 120.909 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity’s. Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets back into 123.518 Stop loss would be placed below X leg structure support . Target 1 – 122.544 Target 2 – 123.128
Long Setup for EURGBP
Good morning traders, EURGBP seems ready for a short term rally, There are 4 arguments : Ascending Trend Line >200 MA 4 consecutive days > 0.833 H&S formation ? SL @ 0.833 on a daily close and target of 0.86 area 6 Trading Rules : 1. Never add to a losing position . 2. Don´t be the first to buy low and sell high ., and don´t be the last one to exit 3. Think like a fundamentalist, trade like a technician . 4. Keep your analysis simple 5. Start small and increase exposure when trend is confirming your analysis 6. The hard trade is the right trade Have a great week.