Trading Plan for EUR/USD and Gold for March 21, 2017
March 21, 2017 2:16 pmVideo
Latest News
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
- Technical Analysis – NZDUSD bounces off 5-month low April 17, 2024
- Overview for the EUR/USD pair on April 17th. There is no single reason for the euro to rise April 17, 2024
- Key events on April 17: fundamental analysis for beginners April 17, 2024
- Trading plan for GBP/USD on April 17. Simple tips for beginners April 17, 2024
- Trading plan for EUR/USD on April 17. Simple tips for beginners April 17, 2024
- Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 17, 2024. April 17, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
- Forecast for EUR/USD on April 17, 2024 April 17, 2024
- Forecast for GBP/USD on April 17, 2024 April 17, 2024
- Forecast for USD/JPY on April 17, 2024 April 17, 2024
- Outlook for EUR/USD on April 17. A boring Monday seamlessly transitioned into a boring Tuesday April 17, 2024
- Will the euro manage to save itself? April 17, 2024
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
Technical outlook:
The EUR/USD pair has beaten our expectations to form a high, by a few pips today and has made intraday highs at 1.0812 levels right now. The structure still indicates that the pair could be looking to test 1.0829 levels before finding resistance again. Please note that bearish structure does not change till the time prices remain below the swing highs at 1.0830 levels as depicted on the 4H chart view here. Also note that the ending diagonal structure labelled i through v of wave C might be just extending a bit and re-testing the resistance channel line seen here. High probability still remains for a bearish reversal here till prices stay below 1.0830 levels. Immediate support is seen at 1.0700 levels, while resistance is at 1.0830 levels respectively. A break below 1.0700 and subsequently 1.0600 levels would confirm that EUR/USD has carved out a lower high and wave 2. Wave 3 should then proceed lower in a swift manner.
Trading plan:
Please remain short for now, with stop at 1.0850 levels, targeting 1.0700 and 1.0600 short term.
Gold chart setups:
Technical outlook:
Believe it or not, Gold structure presented here on the 4H time frame reveals a classic case of fibonacci convergence which is highlighted here at $1,237/38 levels. Please note that the fibonacci 0.618 retracement of primary wave A (drop from $1,264 through $1,195 levels) is converging with fibonacci 161.8 extension of the counter trend wave a. A bearish reversal here is a high probability and should push prices lower, below $1,195 levels easily. At this moment, the metal is seen to be trading higher around $1,241 levels, slightly above convergence levels, but a bearish reversal should be watched here. The wave structure indicates that the rally from $1,195 levels has unfolded into 3 waves till now, which is corrective in nature. Hence a 5-wave drop should be expected from here which should ideally push prices below $1,195 to complete the corrective drop that began from $1,264 levels earlier. Immediate resistance is at $1,265 while support is seen at $1,195 levels respectively.
Trading plan:
Please remain short now, stop above $1,250 and target $1,180.
Fundamental outlook:
Please watch out for Fed’s George speech at 12:00 PM EST followed by Mester’s speech at 06:00 PM EST today. Their remarks should make a serious impact on USD pairs.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: