Greetings everyone!

Despite important news, the market behaved as expected yesterday. Good statistics from Germany rendered support to EURUSD. Besides, there are speculations that Trump softened his stance on the import of cars into the US. FOMC Meeting Minutes was yet another proof that the US economy is doing well, but it didn’t contain anything new for the traders.

The pound had an excellent opportunity to strengthen against the dollar. M. Carney stated that poor performance of the British economy in the first quarter had been temporary and it might catch up with the expected growth rate in the near future. But then rumours came out that Germany considered British offer about Brexit non-viable and that knocked GBPUSD out. The chart closed with a minor drop.

We can’t ignore the news today. At 3:30 p.m. MSK NFP statistics is released, the number of jobs created in manufacturing – it is a major index of the US economy. Statistics on average hourly earnings is released simultaneously. Be aware – the market may react sharply to this news.

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Look for long trades on EURUSD after resistance break

Despite the break of yesterday’s resistance, our forecast was correct and the price reacted to it. You can read more in our weekly review of entries, we will publish it tomorrow.

The chart trends above the broken resistance and our bias is long. The entry can appear inside the 1.1651-1.1663 range, based on yesterday price movement.

If the chart bounces from support, you can place your long take-profit at 1.1675.

Short trades actual on GBPUSD

Our yesterday forecast didn’t play out. The chart was moving as expected, but didn’t reach the resistance, so the entry didn’t appear. Our forecast for today remains the same, the pair may grow to the 1.3302-1.3315 resistance zone.

We are interested in price behaviour inside it. To enter a short trade, we need a swing pattern to form (and a possible false break). Such structure is called a technical entry in Horizon. If all short trade requirements are met, you place your stop above the high, and place take-profit at 1.3285. Here we take part of the profit, move the rest to no-loss and wait for further development.

Expecting dollar to grow on USDJPY

No surprising moves occurred on USDJPY yesterday – it moved in a narrow range. Our forecast is bullish for today, we expect the chart to go north. But not until a descending correction to the 109.69-109.91 support zone takes place.

If the chart bounces from the support, our first target will be at 110.06. We can apply the rule of Safe and take only part of profit here.

This week our working schedule shifted, that is why our weekly review of Horizon X entries will be released on Saturday. We will study the trades that we could enter, and the situations when you needed to abstain.

If you want to know how to trade by Horizon X, I advise to sign up for training. Also, you can study the basic Horizon TS first – we offer all the training materials for free. You can download them via the link below.

Get 10 free Horizon video lessons here