Last Friday I wrote an article about my trading plan for the EURUSD…
Back then, it was trading at an important level, and I was waiting for the market to break the short term support level at 1.3204.
Well… guess what?
The market already broke through that level:
And that means that:
We are already in a bearish condition and we should look for short opportunities, and of course, ignore every long signal because the market it’s likely to continue its way down.
So if you are looking for a clear currency pair, take a look at the EURUSD.
But an analysis without knowing how far the market could go would be an incomplete analysis.
EURUSD Long Term Analysis
Here is my chart:
As you can see, it is trading in between two clear S&R levels, which makes me feel comfortable trading it.
The next LT support level is at 1.2818, so all take profit levels should be placed above 1.2818.
This is why I love to be a market follower, the market tells me when to trade, which way to trade and what currencies to trade.
Do you like it too?
Be careful though…
This week is full of important fundamental releases:
CAD Interest rate announcement
JPY Monetary policy statement & BOJ press conference
EUR Interest rate & statement
GBP Interest rate & statement
USD Non-farm payrolls report
CAD Unemployment report
Pretty busy doesn’t it? So please keep an eye on your trades.
What do you think about my EURUSD analysis? Are you going to trade it?
What about the fundamental announcements? Are you going to trade the rest of the week?
Share your thoughts in the comment section.