Hello, fellow traders!

Amidst the empty calendar at the start of the week, there were no breaking moves – the pair traded between support and resistance levels. Fundamentally, Tuesday is likely to be a calm trading day. We can pay attention to:

  • A series of speeches by FRS and ECB members. The traders received the main news concerning QE programme folding and raising the US and EU interest rates two weeks ago and reacted to it. Therefore, today’s speeches won’t influence the markets strongly;
  • US housing prices. It is not the top news, but considering the empty calendar, you can keep it mind.

The lack of news influences volatility, but it doesn’t mean that entries won’t appear. We will study the most probable scenarios for today. Apply the rules of Horizon X strategy.

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Bullish forecast for EURUSD on Tuesday

Euro continues to recover against the dollar. There was a moderate rise on Monday, therefore we can expect it to pull back to the 1.1600-1.1615 support. If a swing pattern forms here, we can open long positions.

Place your long take-profit at 1.1647. If this scenario plays out, you can close half your trade when your profit is 30 pips and then move your SL to no-loss. The rule of Safe protects against any sudden moves.

Expect long trades from yesterday support on the pound

Although we didn’t see high volatility yesterday, the chart still found support. Today we will seek a swing pattern inside 1.3227-1.3245, we marked this zone using yesterday extremes.

The nearest target is at 1.3260. As the profit is not very large, you need to pay attention to potential profit/loss ratio. If you are going to lose more than earn, it is better to ignore this entry.

On USDJPY we enter the trade on a resistance bounce

June 21 movement defines the position of the key resistance for today. It is at 110.48-110.59, and we will seek entry after the price bounces from it.

To get an entry, we need a swing pattern to form inside the resistance zone. After the entry is confirmed, we can go short and place TP at 110.26. The resistance is strong, so the price should bounce from it. Considering the distance, the chart may not reach that zone, so our advice is to seek entries on other pairs.

Reading our analytics and forecasts, you couldn’t but notice that the profit is not large in majority of cases. We do it deliberately. We enter the market on a bounce from support or resistance, we calculate our TP so that it will trigger with high probability. No one can guarantee that the price will swing at a level – nearly always we see the price reaction, but it does not always swing.

That is why an optimal scenario is to apply the rule of Safe and risk-free deposit boost technique. Both methods allow to increase your profit without increasing risks. You can learn this and other Horizon trading rules in more details from our free training materials, that you can download via the link below.

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That is all for our forecast. Be aware and don’t miss market entries. See you tomorrow!