Trading plan for EUR/USD and USD/JPY for March 09, 2017
March 9, 2017 3:28 pm
Technical outlook:
The EUR/USD pair has rallied as per expectations in a counter trend today right after the ECB rate decision. Believe it or not, the wave structure was already setting up for this and the pair has further potential to push through 1.0650 and 1.0700 levels. But since it is in a counter trend rally, it is suggested that profits should be realized now through 1.0600 level if aggressive longs were taken yesterday. The wave structure still indicates that the pair is in a vigorous down trend and should soon form a lower top as a flat a-b-c as labeled here. It remains to be seen whether c is already printed at 1.0640 on March 06, 2017 or it would push towards 1.0700 level. Immediate resistance is at 1.0680 level, while support is at 1.0490 level, respectively. From here on, selling on rallies would be a favored trading strategy.
Trading plan:
Please book profits on aggressive longs taken yesterday around 1.0600 levels and remain flat for now. Also look to take short positions on rallies through 1.0650 and 1.0700 levels, with stop at 1.0850, targeting lower. This setup should materialize by tomorrow.
USD/JPY chart setups:
Technical outlook:
The USD/JPY remains slightly edgy towards the resistance zone at 114.95/96 levels as seen today. Looking at the wave structure, it seems the pair seems has completed A-B-C as labeled here on the hourly chart. Oscillators are still pointing towards a potential bearish reversal from the current levels. Only a consistent break above 114.95 level would put the bearish view into trouble. Please remain short for now with risk at 115.00 level as recommended yesterday. Resistance is seen at 114.96 level, while support is at 114.25 level as depicted above. Structurally, USD/JPY is terminating into the last leg of the triangle consolidation as discussed earlier and high probability remains for a drop which should unfold into 5 waves from here. The downside potential would increase and accelerate once USD/JPY breaks below 114.25 level, today’s intraday lows. Please book profits on aggressive longs taken yesterday around 1.0600 level and remain flat for now. Also look to take short positions on rallies through 1.0650 and 1.0700 levels, with stop at 1.0850, targeting lower. This setup should materialize by tomorrow.
Trading plan:
Please hold short positions for now with stop at 115.00 level, targeting 112.00 at least.
Fundamental outlook:
The ECB has kept interest rates unchanged for now eliminating any possibilities of a probable change in trend. Please watch out for the NFP to be out tomorrow at 08:30 AM EST which would set the tone for the short-term setup in the US Dollar.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook:
The EUR/USD pair has rallied as per expectations in a counter trend today right after the ECB rate decision. Believe it or not, the wave structure was already setting up for this and the pair has further potential to push through 1.0650 and 1.0700 levels. But since it is in a counter trend rally, it is suggested that profits should be realized now through 1.0600 level if aggressive longs were taken yesterday. The wave structure still indicates that the pair is in a vigorous down trend and should soon form a lower top as a flat a-b-c as labeled here. It remains to be seen whether c is already printed at 1.0640 on March 06, 2017 or it would push towards 1.0700 level. Immediate resistance is at 1.0680 level, while support is at 1.0490 level, respectively. From here on, selling on rallies would be a favored trading strategy.
Trading plan:
Please book profits on aggressive longs taken yesterday around 1.0600 levels and remain flat for now. Also look to take short positions on rallies through 1.0650 and 1.0700 levels, with stop at 1.0850, targeting lower. This setup should materialize by tomorrow.
USD/JPY chart setups:
Technical outlook:
The USD/JPY remains slightly edgy towards the resistance zone at 114.95/96 levels as seen today. Looking at the wave structure, it seems the pair seems has completed A-B-C as labeled here on the hourly chart. Oscillators are still pointing towards a potential bearish reversal from the current levels. Only a consistent break above 114.95 level would put the bearish view into trouble. Please remain short for now with risk at 115.00 level as recommended yesterday. Resistance is seen at 114.96 level, while support is at 114.25 level as depicted above. Structurally, USD/JPY is terminating into the last leg of the triangle consolidation as discussed earlier and high probability remains for a drop which should unfold into 5 waves from here. The downside potential would increase and accelerate once USD/JPY breaks below 114.25 level, today’s intraday lows. Please book profits on aggressive longs taken yesterday around 1.0600 level and remain flat for now. Also look to take short positions on rallies through 1.0650 and 1.0700 levels, with stop at 1.0850, targeting lower. This setup should materialize by tomorrow.
Trading plan:
Please hold short positions for now with stop at 115.00 level, targeting 112.00 at least.
Fundamental outlook:
The ECB has kept interest rates unchanged for now eliminating any possibilities of a probable change in trend. Please watch out for the NFP to be out tomorrow at 08:30 AM EST which would set the tone for the short-term setup in the US Dollar.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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