2018-09-07
EUR/JPY is approaching its support at 127.94 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback support) where the price is expected to bounce up to its resistance at 129.69 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 2% where a corresponding bounce is expected.
EUR/JPY is testing its support where we expect to see a bounce.
Buy above 127.94. Stop loss at 127.01. Take profit at 129.69.
EUR/USD is trading near its weekly highs but below the major resistance at 1.1660-1.1690. Bulls will need to break above this level in order to unlock the powers to the upside and towards 1.19-1.121. Blue line - resistance (neckline) EUR/USD is trading below the Ichimoku cloud.
Daily trend is bearish as long as price is below 1.1690-1.1710. A possible inverted head and shoulders pattern with a neck line at 1.1710 has been formed. The confluence of resistance indicators between 1.1690-1.1710 confirms the importance of this area.
Break it and the EUR/USD will have some room to run to the upside. A rejection at this area will confirm the power of the sellers and will most probably bring EUR/USD below 1.15. I remain bearish as long as we trade below the cloud resistance.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
When the European market opens, some Economic Data will be released such as Revised GDP q/q, Italian Retail Sales m/m, French Trade Balance, French Industrial Production m/m, French Gov Budget Balance, German Trade Balance, and German Industrial Production m/m. The US will release the Economic Data too such as Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m , so amid the reports, EUR/USD will move in a medium to high volatility during this day.
TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1678. Strong Resistance:1.1671. Original Resistance: 1.1660. Inner Sell Area: 1.1649. Target Inner Area: 1.1621. Inner Buy Area: 1.1593. Original Support: 1.1582. Strong Support: 1.1571.
Breakout SELL Level: 1.1564. Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel of risk, and may not be suitable for all Traders or Investors.The high degree of leverage can work against you as well as for you.Before deciding to invest in foreign exchange you should carefullyconsider your investment objectives, level of experience, and riskappetite.
The possibility exists that you could sustain a loss of someor all of your initial investment and therefore you should not investmoney that you cannot afford to lose. You should be aware of all therisks associated with foreign exchange trading, and seek advice froman independent financial advisor if you have any doubts.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1678. Strong Resistance:1.1671. Original Resistance: 1.1660. Inner Sell Area: 1.1649. Target Inner Area: 1.1621. Inner Buy Area: 1.1593. Original Support: 1.1582. Strong Support: 1.1571.
Breakout SELL Level: 1.1564. Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel of risk, and may not be suitable for all Traders or Investors.The high degree of leverage can work against you as well as for you.Before deciding to invest in foreign exchange you should carefullyconsider your investment objectives, level of experience, and riskappetite.
The possibility exists that you could sustain a loss of someor all of your initial investment and therefore you should not investmoney that you cannot afford to lose. You should be aware of all therisks associated with foreign exchange trading, and seek advice froman independent financial advisor if you have any doubts.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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