Trading Plan for EUR/USD and Gold for March 24, 2017
March 24, 2017 1:36 pmVideo
Latest News
- Forecast for EUR/USD on April 16, 2024 April 16, 2024
- Forecast for GBP/USD on April 16, 2024 April 16, 2024
- Forecast for AUD/USD on April 16, 2024 April 16, 2024
- Outlook for GBP/USD on April 16. Pound awaits inflation data April 16, 2024
- Outlook for EUR/USD on April 16. Another boring Monday April 16, 2024
- The euro hardly has a chance to rise April 16, 2024
- Trading Signals for GOLD (XAU/USD) for April 15-17, 2024: buy above $2,328 (200 EMA – 5/8 Murray) April 15, 2024
- Video market update for April 15, 2024 April 15, 2024
- Trading Signals for GBP/USD for April 15-17, 2024: buy above 1.2450 (21 SMA – 0/8 Murray) April 15, 2024
- The dollar has not reached its potential April 15, 2024
- Analysis of GBP/USD. April 15th. Retail sales in the USA allow the dollar to continue rising April 15, 2024
- China’s Q1 GDP growth next on the Asian calendar – Preview April 15, 2024
- Technical Analysis – Goldman Sachs stock gains on strong earnings April 15, 2024
- Trading Signals for ETH/USD (Ethereum) for April 15-17, 2024: buy above $3,125 (200 EMA – 2/8 Murray) April 15, 2024
- Analysis for EUR/USD on April 15th. Monday – a tough day for the euro April 15, 2024
- GBP/USD: trading plan for the US session on April 15th (analysis of morning deals) April 15, 2024
- EUR/USD: trading plan for the US session on April 15th (analysis of morning deals). Euro is at an impasse April 15, 2024
- GBP/USD: Will sterling hold steady against dollar? April 15, 2024
- Technical Analysis – USDJPY rallies to another fresh 34-year high April 15, 2024
- Will Netflix earnings take the share price closer to its record highs? – Stock Markets April 15, 2024
Technical outlook:
The EURUSD had dropped yesterday according to the plan discussed here and almost hit the first levels at 1.0750, before pulling back higher again. The current wave structure reveals that the rally is corrective in nature at least for now. As labeled here on the hourly chart, the drop from 1.0825 levels unfolded into 5 waves, labeled i through v. This termination could be wave 1 of one higher degree or wave A of the A-B-C corrective drop. Furthermore, the rally through 1.0810 levels today could be wave 2 or wave B. In either case, a drop towards 1.0700 and 1.0650 levels is expected. The further course of the trend may be decided later on. Immediate resistance is seen at 1.0825 levels, while support is at 1.0700/10 levels. Only if EURUSD breaks above 1.0829 levels, the drop could be delayed further. Please note that the pair might have already formed a meaningful top at 1.0825 levels but need to follow through lower to confirm the same.
Trading plan:
Please remain short for now and add fresh positions here, stop at 1.0875, targeting at least 1.0700 and 1.0650 levels.
Gold chart setups:
Technical outlook:
Gold seems to have topped out for now after printing intraday highs yesterday at $1253 levels. The 4H wave structure still suggests that the rally from $1195 is corrective in nature as labeled here. The overall wave counts and high probability suggests that Gold had dropped into 5 waves earlier forming an impulse, labeled as wave A. Furthermore the metal has now terminated into wave B, and should be looking to drop lower into wave C lower towards $1180 levels before resuming its overall rally. The alternate wave count could be that the metal could drop in a corrective manner and find support around $1217 levels before resuming rally. In either case, a drop lower is expected at least towards $1217/20 levels from here. Please note that resistance is seen at $1253 levels, while support is at $1195 levels respectively. Only a push above $1253 levels now would put the above wave count as void.
Trading plan:
Please remain short for now, stop at 1256, targeting 1225.
Fundamental outlook:
With no major fundamental news today, the volatility is expected to remain less and prices should not expect major triggers. Watch out for the USD Manufacturing PMI to be out in the next 10 minutes, though.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: