Trading Plan for EUR/USD and USD/JPY for March 13, 2017
March 13, 2017 2:09 pm
Technical outlook:
The EUR/USD 4H chart view has been presented here for a medium-term wave structure. As seen here, the pair carved out a lower top on Friday around 1.0700. Today, an intraday high was registered at 1.0714 levels before reversing lower sharply as expected and discussed earlier. Looking at the wave structure, the pair has terminated its corrective rally around 1.0700/14 levels and it should resume lower from here. Please note that if this wave structure holds true, the pair is set to head lower towards 1.0350 and 1.0000 levels respectively. Furthermore, please note that the lower top has been carved out at the fibonacci 0.618 resistance levels of the entire drop from 1.0830 and 1.0492 levels respectively. A break below 1.0490 levels would rather accelerate the drop. Please note that short entries have already been triggered at 1.0700 levels today and selling further on intraday rallies remains a preferable trading strategy. The pair should trade lower for the coming few weeks at least.
Trading plan:
Please remain short for now, stop at 1.0850, targeting 1.0300 and 1.0000 at least.
USDJPY chart setups:
Technical outlook:
The USD/JPY pipped us out at 115.00 levels last week confirming once again that the trend is up towards 117.00 and 120.00 levels respectively. Please note that the pair looks to have finally formed a bottom at 111.69 levels and should be looking to push higher from here. The wave structure also indicates that till prices remain above 111.69 levels, one should be looking for USD/JPY to rally further towards fresh highs. As depicted here, USD/JPY is finding support at a trend line around 114.70 and also the fibonacci 0.50% support is passing through the same levels as plotted here. A bullish reversal is expected here and the pair is expected to push higher through 117.00 at least. Immediate support is seen at 113.60 and prices should ideally remain above those levels going forward. Buying on dips remain a preferred trading strategy from here on.
Trading plan:
Please remain long now, stop below 113.60, targeting 117.00 and 120.00 levels respectively.
Fundamental outlook:
With no major fundamental news for the rest of the New York session, please expect price action to behave at normal pace. ECB president’s speech in Frankfurt should also finish by now and hence huge volatility is unlikely for EUR/USD.
Note: Please watch out for tomorrow’s updates in the US Dollar Index in this section.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook:
The EUR/USD 4H chart view has been presented here for a medium-term wave structure. As seen here, the pair carved out a lower top on Friday around 1.0700. Today, an intraday high was registered at 1.0714 levels before reversing lower sharply as expected and discussed earlier. Looking at the wave structure, the pair has terminated its corrective rally around 1.0700/14 levels and it should resume lower from here. Please note that if this wave structure holds true, the pair is set to head lower towards 1.0350 and 1.0000 levels respectively. Furthermore, please note that the lower top has been carved out at the fibonacci 0.618 resistance levels of the entire drop from 1.0830 and 1.0492 levels respectively. A break below 1.0490 levels would rather accelerate the drop. Please note that short entries have already been triggered at 1.0700 levels today and selling further on intraday rallies remains a preferable trading strategy. The pair should trade lower for the coming few weeks at least.
Trading plan:
Please remain short for now, stop at 1.0850, targeting 1.0300 and 1.0000 at least.
USDJPY chart setups:
Technical outlook:
The USD/JPY pipped us out at 115.00 levels last week confirming once again that the trend is up towards 117.00 and 120.00 levels respectively. Please note that the pair looks to have finally formed a bottom at 111.69 levels and should be looking to push higher from here. The wave structure also indicates that till prices remain above 111.69 levels, one should be looking for USD/JPY to rally further towards fresh highs. As depicted here, USD/JPY is finding support at a trend line around 114.70 and also the fibonacci 0.50% support is passing through the same levels as plotted here. A bullish reversal is expected here and the pair is expected to push higher through 117.00 at least. Immediate support is seen at 113.60 and prices should ideally remain above those levels going forward. Buying on dips remain a preferred trading strategy from here on.
Trading plan:
Please remain long now, stop below 113.60, targeting 117.00 and 120.00 levels respectively.
Fundamental outlook:
With no major fundamental news for the rest of the New York session, please expect price action to behave at normal pace. ECB president’s speech in Frankfurt should also finish by now and hence huge volatility is unlikely for EUR/USD.
Note: Please watch out for tomorrow’s updates in the US Dollar Index in this section.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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