Trading Plan for EUR/USD and US Dollar Index for February 15, 2018
February 15, 2018 8:21 am
Technical outlook:
The EUR/USD weekly chart has been displayed here with partial labeling for a bigger picture review. Please note that the pair is heading towards a major resistance zone as depicted here and we are watching for a bearish reversal around those levels 1.2600/2700 on the top side. Also note that a 10 year resistance trend line is passing through the above levels in convergence with a fibonacci resistance as well. Educational version for all posts is available on my channel. Looking at a smaller time frame, the EUR/USD pair is into its 5th wave now and is expected to terminate soon. Please remain aware of this bigger picture and be prepared to short big time, maybe towards the end of this month. Going long for short term rallies is also a good strategy.
Trading plan:
Please remain flat now and look for opportunities to go short.
US Dollar Index chart setups:
Technical outlook:
As in the EUR/USD, we present a bigger picture in the US Dollar Index as well, and hence the weekly chart view has been labeled here. The Index is seen to be into its last leg of drop that began from 103.80 levels last year in the month of January. The entire drop could be an indication of the beginning of a huge bearish reversal or, it could be a part of an expanded flat structure A-B-C as depicted here. In either of the cases, expect a meaningful rally from nearby levels. It is best to remain flat and await for this leg to complete before looking to enter buying the underlying instrument. As depicted here, the US Dollar Index is soon approaching a Major Support Zone very soon, probably, at the end of this month.
Trading plan:
Please remain flat and look to buy at lower levels.
Fundamental outlook:
There are no major events lined up for the day.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook:
The EUR/USD weekly chart has been displayed here with partial labeling for a bigger picture review. Please note that the pair is heading towards a major resistance zone as depicted here and we are watching for a bearish reversal around those levels 1.2600/2700 on the top side. Also note that a 10 year resistance trend line is passing through the above levels in convergence with a fibonacci resistance as well. Educational version for all posts is available on my channel. Looking at a smaller time frame, the EUR/USD pair is into its 5th wave now and is expected to terminate soon. Please remain aware of this bigger picture and be prepared to short big time, maybe towards the end of this month. Going long for short term rallies is also a good strategy.
Trading plan:
Please remain flat now and look for opportunities to go short.
US Dollar Index chart setups:
Technical outlook:
As in the EUR/USD, we present a bigger picture in the US Dollar Index as well, and hence the weekly chart view has been labeled here. The Index is seen to be into its last leg of drop that began from 103.80 levels last year in the month of January. The entire drop could be an indication of the beginning of a huge bearish reversal or, it could be a part of an expanded flat structure A-B-C as depicted here. In either of the cases, expect a meaningful rally from nearby levels. It is best to remain flat and await for this leg to complete before looking to enter buying the underlying instrument. As depicted here, the US Dollar Index is soon approaching a Major Support Zone very soon, probably, at the end of this month.
Trading plan:
Please remain flat and look to buy at lower levels.
Fundamental outlook:
There are no major events lined up for the day.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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