Last week after the Fed announced that they will increase the rate, we saw the dollar moving which might be the trigger for the correction. Technically the EURUSD has all the reasons as well to do so. That being said we should be looking to buy dips in the short term. Here is the plan on how to join.
Fundamental Overview:
Fed statement on increasing the rate
Technical Overview:
W1 – 20 Candles Ride, 5 wave move which now should be followed by correction
Entry:
H1/H4 – I expect the market to create some kind of range which could be in the form of triangle or wedge and we can buy the break of it. Alternatively one can look to buy at the trend line
On the H1 chart follow the price action and once double wave correction is completed we can jump into a buy trade.
Target 1: 1.0870
Target 2: 1.1050
Stop Loss: below 1.06 or if you want to be more conservative below last low
Video Explanation:
A winning trade feels good. A series of winning trades feels even better. Confidence increases.…
The Forex and commodities markets are entering an interesting phase, with renewed inflation concerns, expectations…
Central banks do more than change interest rates. They also influence financial markets through the…
When traders first learn fundamental analysis, one of the easiest assumptions to make is: Good…
When you open a Forex trade, you may be focused on one thing: Will price…
The Forex market is open around the clock during the trading week, but that does…
