Hello, fellow traders!

EURUSD closed on a downtrend yesterday due to good Core PPI in the USA. At the end of the day FRS members spoke in favour of raising the interest rate this year which supported dollar even more.

USDJPY movement was somewhat surprising. We thought that in such circumstances the “safe haven” currencies should be in high demand, however yen dropped significantly against the dollar after US statistics was released. Today we may see a pullback on this pair.

Thursday news worth paying attention to is the following:

  • 12 a.m. MSK – index of industrial production in Eurozone;
  • 2:30 p.m. MSK – ECB will announce its stance on monetary policy. First and foremost, everyone is interested when the regulator is going to raise the interest rate. Earlier we heard the opinion that raising the interest rate at the end of 2019 is too late;
  • 3:30 p.m. MSK – US Core CPI is published.

And now we can get down to market analysis using Horizon X strategy.

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Yesterday we got an excellent entry on EURUSD, our forecast worked perfectly: a swing pattern formed inside the support zone and the chart bounced from it. But the price could not remain at the daily highs and eventually dropped.

Due to that, we will consider a bearish scenario; the resistance will be at 1.1762-1.1790. If a swing pattern forms and the price bounces from this zone, our TP should be at 1.1738.

Expecting a bounce from resistance on GBPUSD

We got no entries yesterday, because the chart didn’t reach the designated resistance zone. For today our bias is bearish, but first the price must pull back to the resistance at 1.3325-1.3362. A false break and the price trending below the zone would be even better.

If this scenario plays out, your first target should be at 1.3290. The distance from resistance to TP is 40 pips, so we can close the entire position here.

Waiting for a pullback after a momentum rise on USDJPY

Yesterday we received a perfect trading opportunity that we predicted in our Wednesday analysis. A false support break occurred and then the price returned under it. After a W-pattern formed, we could enter a long trade.

Our trading recommendation for today is to wait for the price to pull back to 110.77-110.94. We saw earlier that this zone is significant, therefore a break without reaction is unlikely.

The long target should be at 111.12. The distance is short, so close only half the trade here.

Yesterday we got two entries: on USDJPY the price went about a hundred pips – a good trading opportunity on Wednesday. You can read about how and when you should have traded in our review of Horizon X entries. We will publish it on Friday morning.

As you can see, even if you trade only 3 pairs, you get more than 1 entry a day. Imagine how your trading will intensify if you start trading 6 or even 10 pairs. Furthermore, the increase of trading instruments does not reduce the efficiency of your trading – that is the essential feature of Horizon: chart analysis takes little time. You can learn more from our free basic Horizon training course.

Get 10 free Horizon video lessons here