FOREX PRO WEEKLY, July 09-13, 2018
- Thread starter Sive Morten
- Start date
Sive Morten
Special Consultant to the FPA
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- 18,639
Well, it's not necessary to watch over all events though, but, some of them that definitely should make impact on markets.
Also it depends on your time scale. Trading long-term trends on weekly/monthly basis makes necessary to keep an eye on politics.
Sive Morten
Special Consultant to the FPA
- Messages
- 18,639
Morning guys,
We're still watching for pullback of EUR down inside of triangle body on daily chart. Although we have suggestion that it could drop right to 1.1450 major weekly support, but, as EUR still has some major Fib levels below, let's call it as retracement by far...
On daily chart picture mostly stands the same, EUR just moves lower inside the triangle:
On 4H chart OP target has been met and upside retracement back to 1.17 lows of "B" point also has been done. Thus, yesterday's trading plan has been completed.
Now we're watching for next XOP target circa 1.16. Why we think that market should continue downward action we've explained yesterday:
On 1H we also have butterfly pattern in the same direction but with 1.1625 target. Once EUR will reach major 5/8 Fib support - response will be important thing. Downside breakout will let us to speak about challenging of 1.15 lows and, on 1.1450 major weekly support later...
We're still watching for pullback of EUR down inside of triangle body on daily chart. Although we have suggestion that it could drop right to 1.1450 major weekly support, but, as EUR still has some major Fib levels below, let's call it as retracement by far...
On daily chart picture mostly stands the same, EUR just moves lower inside the triangle:
On 4H chart OP target has been met and upside retracement back to 1.17 lows of "B" point also has been done. Thus, yesterday's trading plan has been completed.
Now we're watching for next XOP target circa 1.16. Why we think that market should continue downward action we've explained yesterday:
On 1H we also have butterfly pattern in the same direction but with 1.1625 target. Once EUR will reach major 5/8 Fib support - response will be important thing. Downside breakout will let us to speak about challenging of 1.15 lows and, on 1.1450 major weekly support later...
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