What’s good, guys? This week I’ll be sharing some of my analysis on EUR/USD and USD/JPY. I’ll try not to make this too wordy.
EUR/USD 4 HOUR
Established a Decision Zone (red box). Price has reacted with that area multiple times in the past. We also have a 61.8% retracement level coming right in that zone. The pair seems to have reject that 1.10 level and might make it’s way lower.
However, on the daily chart, we have a potential bat pattern about 250 pips away, so that’s something to look out for if price manages to push up into that area.
USD/JPY 4 HOUR
Potential short and long opportunity, what I like to call cornering the market. Zones in red are our Decision Zones. For our shorting opportunity, we’ll be trying to hop on a Cypher pattern that has already completed. So, the next decent area of resistance would be the zone identified in red because price has respected that area multiples before.
A long opportunity would be a pure structure based trade. If price can push down into that zone in red, which confluences with a 61.8% retracement of our most recent swing low to high, we can potentially look to buy.
Written analysis is a bit brief but if you’re interested in something more in-depth, feel free to watch the video!
Enjoy the rest of your weekend, traders!
submitted by /u/nzrnrdn
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May 15, 2017 at 12:39AM
from /u/nzrnrdn
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