Greetings everyone!

On Wednesday, the dollar grew on all pairs. The reason was the mitigation of US Government position on limiting foreign investments. The USD index was growing for two days straight and reached 94.81 on Wednesday.

There was no news about euro, therefore EURUSD received no support. And M. Carney speech resulted in the plunge of the pound – he stated that external risks can shift the date when the Bank of England will raise the interest rate, which caused the sellout of GBP.

On Thursday, we should pay our full attention to the US statistics:  

  • 3 p.m. MSK – CPI in Germany. As this country is the driving force of the European economy, we should pay attention to this news as well.          
  • 3:30 p.m. MSK – US GDP statistics and private consumption expenditures index are released;

Generally, Thursday is the most heavily stuffed day of the week. Volatility is highly likely to increase, but no one can give a 100% guarantee that it will happen. I don’t recommend to try to catch the price movement after the news is released – just use Horizon levels.

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Seek bearish trades on EURUSD on Thursday

Yesterday’s bearish forecast was correct, but the chart didn’t bounce from the support. The chart broke it and moved down, therefore we didn’t get a long entry.

We build a new resistance zone, using yesterday high. The important zone for Thursday will be at 1.1653-1.1672. To get an entry on EURUSD, we need the chart to reach this level and form a swing pattern with a possible false break. If this scenario plays out, you should place your take-profit at 1.1643.

Look for short trades on GBPUSD

Yesterday the chart reached the designated support at the end of the day. That is why a long entry didn’t appear, a swing pattern didn’t form and we had no reason to enter the market.

Today we will consider bearish scenario, like on EURUSD, but first the chart must enter the 1.3212-1.3234 resistance zone. You should place your take profit close – at 1.3218.

If you get an entry below 1.3218, you can apply the rule of Safe. When the chart covers the distance equal to your stop, you can close half the trade, and move the rest to no-loss.

Waiting for the bounce from support on USDJPY

Our yesterday scenario worked on this pair, the price touched the resistance zone with its wick, and moved to the south. Today our bias is long and we will look for a swing pattern at the support.

The key range for today is at 109.68-109.91. As usual, we place our TP not far from the level – at 110.02. Considering the proximity of the TP to the support, you can close your trade partially – the price often gives stronger reaction to a level, and you can get larger profits.

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This is the end of today’s analysis. May you keep your head clear and close all your trades in profit.