Today we are seeing a nice setup on EURUSD as it is bouncing off our support, which coincides with a Fibonacci extension. Stochastic is also seeing a bullish divergence and is approaching support where we are expecting a rise in price should it bounce off this level. We are also seeing a nice set up on EURAUD as it is testing our first support and we are expecting it to bounce off this level. RSI is also approaching our major support and a bounce off this level might see a corresponding rise in price. Overall, we are expecting the strengthening of EUR toady, in line with our bullish view on EURJPY. Here are some nice calls which we made previously: 1. We caught the breakout on USDJPY perfectly as it broke out of our intermediate resistance and we can expect a rally up to our major resistance target: https://www.tradingview.com/chart/USDJPY/8fbXVhIC-USDJPY-approaching-resistance-potential-breakout/ 2. We caught the breakout on AUDNZD perfectly and it is rally nicely up from our first support to our major resistance target: https://www.tradingview.com/chart/AUDNZD/Xbby8GEy-AUDNZD-is-approaching-support-potential-bounce/
3. GBPAUD reversed nicely from our descending resistance line and is approaching our major support target: https://www.tradingview.com/chart/GBPAUD/iJ23libh-GBPAUD-testing-resistance-potential-drop/
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.