Hello, fellow traders!

Yesterday we saw an impressive wave of dollar strengthening. The American grew against all currencies, on EURUSD and GBPUSD local lows were broken. At the moment, the charts we analyse are stuck between levels, that is why our forecast will be mixed.

Concerning “fundamentals”, two news reports stand out today:

  • 4:30 p.m. MSK – Mario Draghi speaks about Eurozone economic situation;
  • 4:30 p.m. MSK – Jerome Powell speech. The new FRS chairman appears on public more often than his predecessor, and his comments on FRS monetary policy can influence the dollar.

No one can foresee the tone of their speeches. That is why we advise to move your stops closer to no-loss as the news is about to be released. If you are still in the market at that time, you can take your profit in parts.

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Consider both bearish and bullish scenarios on EURUSD

After a momentum break yesterday, the pair is recovering and is stuck between support and resistance as we are preparing this analytics. It doesn’t allow us to prefer neither scenario – both long and short trades are possible on Wednesday.

The first scenario implies short trades after a false break of 1.1585 resistance. If the chart pulls back below the level, we can sell and take our profit at 1.1540.

The second scenario will succeed if EURUSD trends above 1.1585. In this case a B’n’G entry will appear. You can close your trade at the next resistance at 1.1620.

Mixed scenario for GBPUSD

The situation is similar to EURUSD. After the low was broken on Tuesday, the chart started to pull back and is between support and resistance levels at the moment.

Two entries may appear today:

  • Scenario 1 – a false break of 1.3150 support. If a swing pattern forms, long trade is possible. The long target for this trade is at the opposite level at 1.3195;
  • Scenario 2 is based on a false break of 1.3195 resistance, this entry mirrors the first one. If a swing pattern is confirmed, we can enter a short trade, and our TP should be at 1.3150.

Expect the bounce from support and resistance on USDJPY

Like 2 previous pairs, USDJPY is moving between two strong levels. Entries can appear if the chart reacts to them.

Our forecast is mixed, no preferences to any scenario:

  • Entry 1 can appear after a false break of 110.10. The chart is near that mark and there is no trend so far. If this scenario plays out, we can take profit at 109.60;
  • Entry 2 can appear if a real break of 110.10 level occurs. In this case, the northern move will continue at least to 110.55.

Using our analytics, you can try the risk-free deposit boost technique on all pairs if swing patterns form. Do not neglect this technique – sometimes it allows you to increase your profit by 2-3 times with very small risk. Worst case scenario – you will lose the profit from your previous entry. It is a small price for the chance to increase your profit significantly.

To understand how entries appear better, we recommend reading our review of the entries that we got last week. You can find it here, we review 10 entries that could provide profit last week.

If you want to comprehend peculiarities of Horizon X system trading, you need to train. It will take only a couple of months, but you will be completely independent from our analytics and will be able to trade any number of pairs and other instruments. You can begin your Horizon education with a free training course that you can download via the link below.

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Hereby I end my analysis and wish you profitable trading. Today is not full of important news, but entries can appear nevertheless – don’t miss them!