Hi Traders! EURUSD short term forecast follow up and update is here. On July 29th I shared this “EURUSD Short Term 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 H1(1 Hour) Chart Current Scenario
On the H1 chart, I was expecting the price to continue higher further in the short term until the key support zone holds. The price moved higher as per my idea and the key support zone was holding, most importantly there were no contradictory signs. The price then moved higher further delivering around 190 pips move.
On the H1 chart, we had a correction in the form of double wave down and the price was holding above the key support zone. We had a good downtrend line that had formed. The price first created a false break of this dynamic resistance and then it moved higher and provided a valid breakout above this dynamic resistance. We may consider this as a hint provided by the market supporting the bullish view. The price then retested the breakout zone and moved higher further providing around 190 pips move and reached the daily key resistance zone as I expected.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
EURUSD D1(Daily) Chart
In the screenshot shown below, you can see the price moved higher and reached the daily key resistance zone.
We need to understand the fact that the market doesn’t care if we need to buy or sell an instrument the market does what it has to do. As traders we have to hold our horses, we shouldn’t expect our wishes or rumors to happen, we should wait for the facts to happen and when the facts fit in then that’s our opportunity to do any sort of trading. As long as it didn’t happen everything remains as an expectation for us. As you can see in the example above the fact happened as we expected in the form of a downtrend line breakout and the price moved higher exactly as I expected it to. This is why we should always trade based on the facts.
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To your success,
Vladimir Ribakov
Certified Financial Technician
