Hello, fellow traders!

Thursday was quite dull in terms of trading. The only thing worth mentioning is that the pound broke the recent low and tried to trend below 1.3050. Other pairs tried to grow against the dollar.

We don’t expect Friday to be absolutely calm - there is some news in the calendar that can’t be ignored:

  • 11:30 a.m. MSK – UK GDP statistics is released;
  • 12 a.m. MSK – EU CPI;
  • 3:30 p.m. MSK – US private consumption expenditures.

The market may ignore this news, but if the data will differ from the expected in the 2nd and 3rd news, breaking moves may follow.

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Bearish scenario still remains on EURUSD

We saw correction attempts on EURUSD from recent lows, but the growth was small. The chart couldn’t reach the target resistance, which means that this zone at 1.1653-1.1672 is active for today and we will expect a bounce from it.

The target also remains the same – your take-profit should be at 1.1642, and you should take profit in portions. The chances that euro will get a strong push for growth to break the designated resistance are low.

Wait for an ascending correction on GBPUSD

The pound couldn’t grow against the dollar and broke the low on Wednesday. Therefore, our bearish bias remains unchanged, but we shift the resistance zone, considering the recent descending movement.

For today, our resistance is at 1.3132-1.3147. An entry will appear on an ascending correction after a swing pattern forms in this range. A false break is possible, so make sure an M-pattern forms before entering the trade.

Your TP should be at 1.3114. In this scenario, the chart may test the recent low, so close only half the trade at 1.3114. You should move the rest to no-loss and close it manually.

Yesterday forecast still working for USDJPY

On Thursday, USDJPY traded in a narrow range. This movement demonstrated that the strengths of both bulls and bears are equal and neither side is making their move.

Thursday scenario still applies for Friday. Our trading advice is to wait for a swing at 109.68-109.91 support. If this scenario plays out, you can take profit at 110.02.

The dollar is not likely to drop significantly against the yen at the end of the week, so we can expect the price to react to this support. Apply the rule of Safe to quickly switch to no-loss and monitor further development.

Today we are publishing our review of this week’s entries. This time Horizon didn’t provide as many entries as last week, but there were trading opportunities nevertheless. I advise to read this review and compare with the entries you traded.

Despite the fact that Friday may be calm, we can still get some trading opportunities – do not relax just yet, keep cool and watch the markets.

If you haven’t signed up for Horizon X training course, I encourage you to do it. Skeptics can always study free Horizon system, that our Forex Academy shares. Just follow the link below, download the TS and try to trade on a demo or a cent account. Your doubts will vanish in 1-2 weeks of trading.

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And I hereby, say good-bye and see you next week. Hope you get profit and forget what a “stop-loss” is.