Previous Week Update:
Followed A beautifully but never gave me a retest of any zone for me to get a trade in but as predicted went to the price levels I expected it to hit. Really sad I did not get a trade but it never matched my trading plan so I stayed out and focused on USDJPY.
Upcoming EUR + USD News:
- ECB President Draghi Speaks
- Fed Chair Yellen Speaks
- Core Durable Goods Orders m/m
- Previous: 0.7%
- Forecast: 0.4%
- Unemployment Claims
- Previous: 249K
- Forecast: 241K
- Crude Oil Inventories
- Previous: 1.9M
- FOMC Meeting Minutes
Monthly: We have found a support at where the wick was on the left, which could act as a retest of the broken ranging zone, but of course we must be patient and see how monthly closes.
Weekly: Weekly closed strong bullish, which in my opinion confirms the retest off the broken zone and created higher low. So now we have a strong possibility of going to test the highs and then create a higher high.
Daily: We have broken through the resistance and hit the next zone, I see a retest of broken resistance before continuing to the higher, which would give liquidity to continue higher. The market moves in waves!
H4: Here we can see a bit of a bullish flag forming, but we will have to see how market structure plays out, I want a to retest a zone and find some exhaustion before taking a long to the highs.
Overall EURUSD Analysis
USD has been dramatically weakening. I believe that the bounce or break of 1.18700 to 1.2000 will come with next month’s NFP and Fed Fund Rates. Right now, I will only look for long at broken resistance and look to take all my profits out at 1.18700.
Again, as the other pairs I analyse, I am looking to only enter on the retest with price action confirmation and have path C to keep my mind open about price possibly going the other way.