Hello dear friends.
Another week of trades lies in front of us. Last week was a boring one without a significant movement until Thursday where the eurusd was led back to 1.35 area on a big bearish trend. The 21 Ema last week did not hold the bearish move and for those who sold below it, eurusd was able to give you around 160 pips profit.
According to our last trade plan, EUR/USD is right above the best place to buy and we will consider this area as our key support for this week. Give a look at the chart attached to this article, the bullish equidistant channel and the envelopes channel right above an important support area! This place is perfect to buy. But as the US dollar straightened last week, that messes with a little bit of our sure buy here. So the way will be a wait for the close today and the price action itself after the close to consider buying. I do prefer a close above 1.3500 and a good candlestick like the one forming up right now to buy eurusd. A doji, an engulfing or a hammer will give me the buy signal.
Let´s plan our trade for this week.
Like discussed above, the place is perfect to buy. The 1.3470-1.35 region will be our key area and the trigger for our buy position. After last week’s bearish endeavor what we need to see is a reliable and good candlestick pattern close above 1.35 and the signal is given.
We can buy around 1.3500 targeting a retest of 1.3800-30 like our dear The Forex Koala told us as a big resistance for last week. Stop loss can be set below the candlestick pattern, around 1.3430.
Any close below 1.3430 will be a no trade eurusd at least for a while until I can see the true nature of the movement. Anything wrong or different here is a no trade for me.
Ok folks draw your lines, manage your money and get ready to trade. This is a big opportunity to profit if the events of the market go in the favor our trade plan.
Nice trades and week friends!