Hi Traders! EURUSD forecast follow up and update is here. On July 15th I shared this “EURUSD Forecast” post in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
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My idea here was as follows:
EURUSD H4(4 Hours) Chart Current Scenario
So based on the above-mentioned analysis, my view was bullish here and I was expecting the price to move higher further. On the H4 chart after the bullish trend pattern in the form of three higher highs, higher lows, we generally expect a correction to happen and then further continuation higher. The correction happened in the form of an ABCD pattern (you can see this ABCD correction clearly on the H1 chart below). After the ABCD correction, the price broke above the most recent downtrend line, retested the breakout, and then it moved higher further, delivering 400+ pips move so far.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
EURUSD H1(1 Hour) Chart
If you are still involved in the buys then this is a very important place to consider and manage your trade and secure your profits (cash out or partial cash out or trailing protections or partial hedge, etc.. depending on the strategy that you work with).
Note: You can find a detailed explanation of my current view on this pair here.
So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. The facts were supporting the bullish view here and there were no signs against it. When the facts do happen as we expected you can see how the price moved as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions.
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To your success,
Certified Financial Technician