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Price Action

June 29th, 2018 @ 12:32 pm by Muhammad Azeem

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EUR/USD Elliott Wave Analysis

EUR/USD Elliott Wave Analysis in 15 Minutes chart

Bullish trend is present in EUR/USD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis few hours ago, the price of EUR/USD currency pair is going to rise up now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.

So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bullish leg. Strong key support level is present at 1.1601 price level which is the termination point of Bullish impulse wave i leg. In my opinion, price action in EUR/USD currency pair has not completed bearish wave iv corrective Elliott wave pattern. So, based on Elliott wave analysis, Bearish wave iv leg is going to start after few hours time and I expect the market to first drop lower and then resumes an up trend to rise; towards 1.1680 price area in coming trading hours.

Next, price action is most likely going to prints a top as well in coming trading hours after completing bearish impulse wave v pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current EUR/USD bullish trend as it is always easy to trade in the favour of market trend. Currently, bearish wave ii leg which is part of the Bullish Impulse Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 1.1626 price area.

However; if the price action in EUR/USD spot Forex pair breaks below 1.1601 important support level then Bullish Elliott wave analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the EUR/USD currency pair price movement in fifteen minutes chart. Forex traders who are interested to learn Price Patterns click here.

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June 28th, 2018 @ 3:09 pm by Muhammad Azeem

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EUR/USD Elliott Wave Analysis

EUR/USD Elliott Wave Analysis in 15 Minutes chart

Bullish trend is present in EUR/USD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis few hours ago, the price of EUR/USD currency pair is going to rise up now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.

 

So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bullish leg. Strong key support level is present at 1.1527 price level which is the originating point of Bullish impulse wave i leg. In my opinion, price action in EUR/USD currency pair has not completed bearish wave ii corrective Elliott wave pattern. So, based on Elliott wave analysis, Bearish wave ii leg is going to start after few hours time and I expect the market to first drop lower and then resumes an up trend to rise; towards 1.1655 price area in coming trading hours.

 

Next, price action is most likely going to prints a top as well in coming trading hours after completing bearish impulse wave iii pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current EUR/USD bullish trend as it is always easy to trade in the favour of market trend. Currently, bearish wave ii leg which is part of the Bullish Impulse Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 1.1539 price area.

 

However; if the price action in EUR/USD spot Forex pair breaks below 1.1527 important support level then Bullish Elliott wave analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the EUR/USD currency pair price movement in fifteen minutes chart. Forex traders who are interested to learn Price Patterns click here.

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May 22nd, 2018 @ 8:08 am by Muhammad Azeem

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USD/CAD Elliott Wave Analysis

USD/CAD Elliott Wave Analysis in 15 Minutes chart

 

Bearish trend is present in USD/CAD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis few hours ago, the price of USD/CAD currency pair is going to drop now on a short-term basis to create a Bearish Impulse Wave (i) Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.

 

So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the Bearish Impulse wave leg. Strong key resistance level is present at 1.2853 price level which is the originating point of Bearish wave (i) leg. In my opinion, price action in USD/CAD currency pair is in the process to complete the Bearish Impulse (iii) Elliott wave pattern. So, I expect the market to first move up and then resume the down trend and falls towards 1.2740 price area in coming trading hours.

 

Next, price action is most likely going to prints a short term bottom as well in coming trading hours after completing Bearish Impulse wave (iii) pattern. As the trend is still Bearish, Forex traders should consider only short trades and no trade against the current USD/CAD Bearish trend as it is always easy to trade in the favour of market trend.

 

Currently, bearish wave (iii) Impulse Elliott wave pattern looks half finish. A good idea is to wait for the market to first rise up more and then look for a possible sell trading chance to join the down trend.

 

However; if the price action in USD/CAD spot Forex pair breaks above 1.2853 important resistance level then Bearish Elliott wave analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the USD/CAD currency pair price movement in fifteen minutes chart. Spot Forex traders who are interested to learn Price Patterns click here.

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March 26th, 2018 @ 4:12 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD had another indecisive movement last week. Price has been moving sideways inside a 360-pip range area between 1.2537 – 1.2175 for 10 weeks now. The bias is neutral in nearest term. From another technical perspective as you can see on my H1 chart below, we have some tops printed after price move above the EMA 200 just to send price back below the EMA 200 (and the way around). This is a normal situation in a choppy/trendless market condition. Now price has formed another potential top at 1.2385 region (blue rectangle number four on my chart below) suggests another potential downside pullback. Immediate support is seen around 1.2350 followed by 1.2300. On the upside, a clear break above 1.2385 would expose 1.2445 region but key resistance remains at 1.2537. My major outlook remains bullish.

Price tops: forex trading education

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March 26th, 2018 @ 4:10 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD had a bullish momentum last week topped at 1.4218 but closed a little bit lower at 1.4099. Price printed a bearish pin bar as you can see on my daily chart below but still unable to break below 1.4075 support area so far, which need to be broken to give further confirmation to the bearish pin bar scenario testing 1.4000 area. The bias is neutral in nearest term. Immediate resistance is seen around 1.4218. A clear break and daily close above that area would invalidate the bearish pin bar scenario testing 1.4275 key resistance area. Overall I remain bullish.

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March 26th, 2018 @ 4:09 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY had a significant bearish momentum last week, broke below the descending triangle formation as you can see on my daily chart below. The bias is bearish in nearest term testing 104.25 area. Immediate resistance is seen around 105.50. A clear break back above that area could lead price to neutral zone in nearest term as direction would become unclear. On the downside, a clear break and daily close below 104.25 could trigger further bearish scenario testing 102.50 region.

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March 26th, 2018 @ 4:07 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF had a bearish momentum last week bottomed at 0.9444. The bias is bearish in nearest term testing 0.9420/00 as a part of the bearish scenario following the violation to the bullish channel as you can see on my daily chart below. Immediate resistance is seen around 0.9495. A clear break above that area could lead price to neutral zone in nearest term as direction would become unclear. On the downside, a clear break and daily close below 0.9420/00 would expose 0.9350. Overall I remain neutral.

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March 23rd, 2018 @ 6:08 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD attempted to push higher yesterday, topped at 1.2387, slipped above the trend line resistance but whipsawed to the downside and closed lower back below the trend line resistance as you can see on my H1 chart below. This fact creates a false breakout bearish scenario but we need a consistent movement back below the H1 EMA 200 (1.2320) to send the pair lower testing 1.2285 – 1.2240 before testing the major trend line support and 1.2175 key support area. Immediate resistance is seen around 1.2387. A clear break and daily/weekly close above that area would expose 1.2445 – 1.2537 region next week.

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