Hello, fellow traders!

Yesterday was relatively calm. Among the top news were M. Draghi and J. Powell speeches in Sintra, Portugal. However, the market ignored this news – market participants heard everything they need last week. Eventually the charts moved between support and resistance levels built earlier.

Today we expect more action in the market and no problem with volatility. The pound is the hero of the day:

  • At 2 p.m. MSK we will know the results of voting on interest rate. At the same time, the report on monetary policy and the equities that the Bank of England is planning to buy out will be published. They are unlikely to raise the interest rate, but the distribution of votes on this issue may be interesting;
  • At 11:15 p.m. MSK Mark Carney is speaking about the pound rate and overall state of the British economy.

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Long trades are more promising on EURUSD

Yesterday we saw that the bulls rigorously defended the 1.1545 support. As euro tried to drop, they bought it quickly, and the lows remained unbroken. It allows us to look for long trades today.

We consider only 1 scenario for today. An entry may appear if the pair breaks the 1.1595 resistance. Break-and-Go is an excellent long entry - we should place our target at 1.1625. Usually the chart reaches the next level after a B’n’G entry – place your take-profit at the next resistance.

Bearish bias is acute on GBPUSD

The 1.3210 resistance is likely to play the key role on Thursday. Yesterday the chart could break this level, which allows us to consider short trades today. A perfect scenario is the following:

  • A false break of 1.3210 resistance;
  • A pullback and trending under it. An M-pattern forms;
  • We enter on a trend under the unbroken resistance and take our profit at the 1.3150 support.

On USDJPY we expect the northern move to continue

The situation is similar to EURUSD. The bulls efficiently countered the drop and are pushing the chart upwards at the moment. Today we will consider only one potential market entry.

We can buy only if the chart breaks the 110.27 resistance and trends beyond (as we are preparing this analytics, this scenario started to play out). After trending and getting a B’n’G entry, we can go long and place our TP, hoping the price to reach the global swing horizon at 110.70.

I strongly advise everyone, who reads our analytics, to study our recent review of Horizon X entries here. It will help you better understand how and when you should enter the market using this strategy.

If you’re looking for the Holy Grail, I have to disappoint you – Horizon is not the Grail. On the other hand, those who strive for perfection in trading never succeed. Perfectionism in trading is more harmful than useful; you should reject it as soon as possible. The main thing is that your profits should exceed your losses – Horizon X is 100% up to this criterion.

If you don’t know how this TS works, I advise to study our free basic system first. There is no catch here, you simply need to click on the link below and you will receive 10 video lessons.

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This is the end of our analysis. The day promises to be full of action, so stay calm and don’t miss any entries!