More upside potential for EUR/USD
Following the big weekly gain for the 
EURUSD , it seems like there is still some upside potential for the EUR ahead of the Fed's rates decision next week (at which point all bets are off depending on the outcome, even though no cut seems to be almost certain, but might still be used as a catalyst for bigger moves)
As seen on the chart we're currently in middle of nowhere, leaving a big imbalance on today's daily candle and R1 not having been reached yet on the monthly pivot.
At 1.0344 we still have a FVG left open that we will close at some point, but the most likely current outcome is the 1.059 resistance for the short term. It's a popular support/resistance for the past few years and if we can get there it would lead the way to a deep retracement to the 1.0344 mentioned earlier, which would then be the golden zone fib as well as closing the FVG.
Without getting too much ahead of course, the idea for the upcoming week until the fed decision is to target 1.059.
1.04421 Would be an ideal entry long but with no certainty we'll have that pullback first. That being said, entering long at the current level for daily timeframe trader is highly risky as we're deep into premium prices.
I'll be monitoring the current price and update that idea next week.
As a reminder for the week end: there is no shame sitting on your hands waiting for the right time to enter the market. Hell it's the complete opposite, trading is a waiting game. And with trump signing executive orders left and right, speaking about everything and anything all day and with fed interest rate decision coming next week, it's as good a time as any to be cautious and maybe skip a few days of trading.
You can check my previous idea post on GBP to confirm that, waiting for days to get to the right level led to a massive drop in price as expected, and even if I was wrong, at least my SL would have been close by from my entry and secure a small loss. Luckily it went according to plan.
Have a great week end, take the time to rest, journal your wins & losses to learn from them!
EURUSD , it seems like there is still some upside potential for the EUR ahead of the Fed's rates decision next week (at which point all bets are off depending on the outcome, even though no cut seems to be almost certain, but might still be used as a catalyst for bigger moves)As seen on the chart we're currently in middle of nowhere, leaving a big imbalance on today's daily candle and R1 not having been reached yet on the monthly pivot.
At 1.0344 we still have a FVG left open that we will close at some point, but the most likely current outcome is the 1.059 resistance for the short term. It's a popular support/resistance for the past few years and if we can get there it would lead the way to a deep retracement to the 1.0344 mentioned earlier, which would then be the golden zone fib as well as closing the FVG.
Without getting too much ahead of course, the idea for the upcoming week until the fed decision is to target 1.059.
1.04421 Would be an ideal entry long but with no certainty we'll have that pullback first. That being said, entering long at the current level for daily timeframe trader is highly risky as we're deep into premium prices.
I'll be monitoring the current price and update that idea next week.
As a reminder for the week end: there is no shame sitting on your hands waiting for the right time to enter the market. Hell it's the complete opposite, trading is a waiting game. And with trump signing executive orders left and right, speaking about everything and anything all day and with fed interest rate decision coming next week, it's as good a time as any to be cautious and maybe skip a few days of trading.
You can check my previous idea post on GBP to confirm that, waiting for days to get to the right level led to a massive drop in price as expected, and even if I was wrong, at least my SL would have been close by from my entry and secure a small loss. Luckily it went according to plan.
Have a great week end, take the time to rest, journal your wins & losses to learn from them!
İşlem aktif
Quick update as the first trade of the week went according to plan.
We opened gapping down for the week, retraced through the daily imbalance and on the 5min the entry was right on the daily pivot (my entry was slightly above in case it would react strongly on the support first), targeting the resistance above.
Still looking for more buys according to the original post on friday for the time being.
Not
According to my post in the minds for EURUSD, we have another re entry long today so I opened a new long.
Targeting today's high, even though I expect more upside once we break the highs, but I'll be done for the day if this trade goes well.
The idea was simple, 50% retracement coinciding with previous resistance becoming support, SL at a safe distance, great Risk/Reward.
Feragatname
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