Here is how to trade the EURUSD (and others) right now
Hey trader, hope everything is going well!!!
How is your trading going so far this week?
By the way, did you take the GBPAUD signal that I sent you on Tuesday?
I’ve been following the GBPAUD in the last weeks and in my last article, I published a signal:
Stop entry: 1.9692, SL 1.9635 and TP 2.0190
Did you take it?
If you did, you have almost 300 pips on your favor, you need to hold it a bit longer so it reaches our TP order, which is around 200 pips from where the market is currently trading at.
200 pips might seem like a lot, but its not the case in the GBPAUD, it could move a few hundred pips in just a few hours, so you got to be patient ok?
So if you did take it! Congratulations!
Ok, now to todays analysis!
You know whats been happening with the EURUSD, its been falling like a rock in the last few months, and if its been falling, it is likely to continue to fall, until it reaches its next LT level…
So let me show you the weekly chart:
Its clear that the EURUSD is likely to continue its way down, it broke through an important support level and now it is likely to reach its next support level which is at 1.0768.
It is currently trading at 1.1355, so we’ve got plenty of room.
Now, let me show you the short term charts:
We have many possibilities here.
- If the EURUSD retraces back to the short term resistance level (1.1500), we could take a retracement signal off that level.
- (I wouldn’t take this, but is another possibility) The breakout of the ST support level 1.1275
- Breakout of the previous low 1.1100
Those are the three possibilities that we have to trade the EURUSD.
CADJPY Signal and Analysis
Another currency pair that I’m closely monitoring is the CADJPY, by looking at its daily chart, you’ll see that it is one of the clearest currency pairs to trade right now:
The CADJPY has been rejected from the LT support level, which makes me think that it is likely to continue its way up at least until it reaches its next LT resistance level at 99.00.
So I know that I’m going to be looking for long opportunities in the CADJPY.
Now, here is the ST chart:
Right now, it is trading in a very well defined range, so I’d definitely look for long opportunities in the CADJPY.
This is the signal (and scenario I’d favor) that I’m going to take:
Entry buy stop: 95.91
Stop loss: 95.31
Take profit: 98.74
We’ll see what happens with this signal!
Did you take the signal in the GBPAUD? Please share the reasons why you took or why you didn’t…
What about the EURUSD, are you currently trading it? Do you agree with my analysis?
Are you going to take the signal in the CADJPY?
Share your thoughts!