Hello, fellow traders!

Yesterday, the USA celebrated the Independence Day and the economic calendar was empty, no sharp moves occurred. Despite that euro managed to grow against the dollar.

EURUSD received support after several ECB members stated that raising the interest rate in 2019 is far too late. Immediately after that the pair grew to the daily highs.

Today the calendar is moderately calm, but there is some important news we can’t ignore:

  • 1 p.m. MSK, M. Carney speaks about the state of the British economy;
  • 3:15 p.m. MSK, Yves Mersch, ECB member speaks. He may mention raising the Eurozone interest rate. Any information concerning this issue has strong impact on euro.
  • 3:30 p.m. – initial and continuing jobless claims in the US;
  • 9 p.m. MSK – FOMC Meeting Minutes. Usually the protocol is published on Wednesday, but due to holiday, it is released the day after.

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Expecting a resistance bounce on EURUSD

EURUSD hit a strong resistance at 1.1668-1.1682. Yesterday the price attempted to break it twice, but didn’t succeed. After the price dropped to 1.1630, the bulls turned the tide and the chart approached the resistance zone again.

Our trading recommendation for today is to wait for a bounce from the resistance zone. A false break is possible, so you should enter after a swing pattern forms. You can place your take-profit at 1.1656. The chart is caught between support and resistance, so it’s better to take the whole profit here.

Bearish scenario for GBPUSD on Thursday

The pound grew against the dollar yesterday. The target level for GBPUSD is inside the resistance zone that we marked using June 22 highs. We should look for a swing pattern after the bounce and then enter a short trade.

You can sell after a swing pattern forms at 1.3302-1.3315. Our short target should be at 1.3285, it’s better to apply the rule of Safe. If the chart makes a sharp move to this level, then we can expect a strong pullback. Taking partial profit may allow you to grab the major part of this movement.

Long trades are actual on USDJPY

Yesterday the price made an ascending correction on a southern trend. Today we expect the pair to continue moving to the support that we built using June 27 extremes. An entry may appear after the bounce from it.

To enter a long trade you need a swing pattern to form inside 109.69-109.91. A false support break is possible. Our first target is at 110.06, you should move the rest to no loss and watch for further development.

Although we analyse only 3 pairs, you can trade as many instruments as you like. Horizon X can applied to other instruments, like oil, gold or stocks. The chart reacts to levels regardless of the type of assets you are trading.

Judging by our trainees’ experience, many of them have a portfolio of 10-15 instruments and trade them. It is enough to have at least 2-3 good trades each day, even if you don’t dedicate your whole day to trading.

Concerning trading rules, you can start learning them with our free Horizon system that we provide without any auxiliary terms. Study all 10 video lessons, and then sign up for improved Horizon X training course.

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