Iím giving some thought to the current situation, and to the euro in particular. Today, the euro displays the pattern called mandatory zone + the current liquidity ratio level. However, it is not clear yet, how it will test these levels. Iím hoping to see the price grow according to the red pattern. In this case, there will be less untested mandatory zones left.On the other hand, if the price follows the blue pattern, there might be a slight correction and reverse movement to the daily mandatory zone. In general, a short-term trend is quite visible here. Hopefully, there will be some dynamics. I think that the expectations for a mid-term growth might not be met.
As for the euro/dollar pair, it is possible to build two bullish Wolfe Wave patterns on the hourly chart. The target for the smaller pattern is the level of 1.1191, while the target for the larger one is at least 1.1260. When the price gets there, the target will be higher. On the daily chart, the stochastics oscillator points to growth and the pair's medium-term pressure is upward. According to the 4-hour chart, the indicators show growth, thereby supporting the pair's intraday upward movement. Therefore, I expect the pair to continue moving in an uptrend today.
Yesterday, a bearish Wolfe Wave pattern formed within the day. The pair did not go to the maximum target, but achieved the minimum one, that is, the level of 1.1138. Now the pair is likely to go down in the 5th wave of the Wolfe Wave pattern trying to reach the level of 1.1108. Then I expect the pair to make a reversal and continue its upward movement towards the level of 1.1190, the target for the smaller bullish Wolfe Wave pattern.
The euro/dollar pair is trading in an upward trend. The targets are 1.1170, 1.1190, and 1.1240. As we know, the pair's movement is usually sluggish. The movements of 50-100 pips are rather significant for EUR/USD. This fact should be taken into account. In order to assess the situation, we should define the levels which will help us understand what to do next. The first level is 1.1112, which is likely to cancel the pair's intraday upward movement.
In the meantime, the price is still trading upwards. Nothing has been broken. So it is too early to think about a downtrend.
Intraday levels for Tuesday.
The upper level is 1.1143.
The lower level is 1.1112.
Today, these levels will point the way to profit. Yesterday's upper level was 1.1117. The price opened above this level, thereby confirming the uptrend. As a result, the pair went up. However, there is no reversal formation as for the intraday levels. I mean expansions and narrowings
The target is 1.1170, the same as yesterday. The breakout of 1.1112 will cancel the upward trend.
/USD loses the grip further and probes 1.1100.
The greenback remains bid and approaches YTD highs.
US CPI figures disappointed investors in December.
The now better tone in the dollar is forcing EUR/USD to recede to the area of weekly lows in the 1.1100 neighbourhood.
The pair attempted to move on a downside direction yesterday, however, the daily resistance level of 1.1108 to 1.1095 refused to let the price go down. Seemingly, the resistance zones are not letting the price proceed lower than the Fibo level 38.2 which is equivalent to 1.1083. Currently, the price is at 1.1130 with a nearby resistance of 50.00 Fibo level equivalent to 1.1146 coming from the same movement. If the price passes through this resistance level, it will move on a continuous upside direction up to the daily resistance level of 1.1179. Succeeding movements will vary upon the result of the tests at this level. However, if it does not succeed on passing through 1.1146, the pair would most probably be trading at the range of 1.1146 to 1.1083. So far that sums up an observation for this pair today. May we all have a profitable day ahead!
As I thought, we had a quiet Tuesday, and we didn't get any interesting moves. There was a slight decrease, but it was worked back immediately. Sadly, we didn't reach the take-overs on the main account. I, myself, didn't have a computer to manually close it, but we can close it today when we resume attempts to reduce it.
Today, I think that we will have something similar as to yesterday. For some reasons though, I believe that there will be more activity. Iím not 100% certain though since maybe Iím just projecting what I want.
I am still waiting for the pair to decline to 1.1095-1.1100, and a small rebound upwards. If this happens, the pair will immediately go below 1.1100 and will fix there.
On the bonus list, the take profit on sales stood higher, so the deals opened by the grid were all closed. Now, I will put up the same grid again for sale. So far, I will not put up anything new to buy.
The moving averages and technical indicators on H5 are in uncertainty. On H1 and below, the movement downwards is predominant so I will start building a grid for sale closer to the current prices.
Today is Wednesday, which is the middle of the week. The euro resumes to decline in a narrow range and neither the lows can be updated, nor the euro/dollar can move higher. Well, obviously, traders can still earn profit but not much due to such flat. However, we cannot rule out the idea wherein the boundary will be broken down. On the other hand, we have several news from the economic calendar, although there is no certainty whether they will generate the impact that we are expecting, thereby increasing intraday traffic. Moreover, the standard 40 points yesterday were overcome, which is a good sign for this currency pair.
Meanwhile, trading is under the level of 1.1138 on the M15 chart and on the M30 chart, a signal was received yesterday to resume the downward trend. Therefore, as we analyze both charts, the primary range above will keep the level of 1.1138 - 1.1142 until they consolidate at the top of it. Growth, in turn, is limited.
However, the only thing that prevents us from having a bearish sentiment and entirely going downwards is the inadequacy of price consolidation under the level of 1.1105. Although the pair tested this zone during the trading yesterday, it did not move any further. Thus, the indicator did not confirm a likely decline. Based on the four-hour chart, the main resistance above stays at the level of 1.1177 and of course, it will be better if we move there but our priority first should be completing the targets downside and then continue upwards. In conclusion, the option of moving down is still considered. It is assumed that another attempt to decline to 1.1105 - 1.1085 will occur that is, if the price has not moved over the level of 1.1142 yet. More so, increase will be considered to 1.1177, when gaining a foothold at the top of 1.1142.
As I see some traders canít help but work late at night.
New levels have already appeared and I expected to see a daily balance there and didnít pay attention to the rest of the picture.
So today is Wednesday and the balance is below the level of 2964. I think this is a perfect point for opening long positions as today the so-called Wednesday pattern has been formed which means that the price should continue to move upwards till the end of the week.
All I need is to wait till the price reverses upwards. I would rather do it step by step not to miss the peak of the activity. The price is likely to reverse at the level of 3044 where we can also observe the middle of the global levels indicator. So, I think the price should break through it.
Also, 20 pips up, there is an upper boundary of the daily balance. It is better to wait for the American session at night and close the trade there. Besides, we can close the gap and all the open deals in the mandatory zone.
Letís wait for Thursday and see what it will bring.
On the D1 chart, I expect the pair to turn around towards the downside today or tomorrow. Everything will depend on smaller time frames.
As for the H4 time frame, the volume increased yesterday and pulled the pair upwards. Now the price is expected to stop growing and go down. If it moves in a downtrend from current levels, the bears are very strong. The line is downward, so I think itís better to open sell deals. If the pair hits a new low, the downtrend will be confirmed.
I expect volatility to remain high until the end of the week, dragging the pair down.
Investors expect the stock market to collapse, while the technical analysis suggests otherwise.
As for the euro/dollar pair, there are changes regarding the intraday trading. The uptrend is delayed for a couple of days. The reason is that on M15 and M30, the price has turned around towards the downside. As for the intraday trading, the pair is heading down. It's hard to say how far the pair will go, since the movement is limited by the level of 1.1085 from below. The price will hardly reach 1.1085, but rather it will be making zigzags in the range of 1.1100 - 1.1150 over the next two days. A zigzag within the range will indicate that the uptrend is still in force and should be continued. In any case, the upward trend is still relevant. The first warning sign will appear at the level of 1.1060. In the meantime, the pair is still moving in an uptrend. There is only a pullback from the uptrend. Later we will find out how this plays out. So, good luck to everyone. In order to understand what to do today, let's define the intraday levels.
Intraday levels for Wednesday.
The upper level is 1.1143.
The lower level is 1.1104.
Here are the levels for today. They will help us determine the market sentiment.
I expect the euro/dollar pair to go down a bit and then move towards the levels of 1.1160-70. In general, the targets are the same as yesterday. The breakout of 1.1104 will cancel the pair's intraday upward movement.
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