EURUSD: Buy Now

Hi guys! I have just finished my setup for EUR/USD. Yesterday, the pair found support around 1.3433 and closed above the daily open price. I have bought the pair at 1.3467 but break of 1.3481 on hourly chart is my confirmation for another swing to test the falling trendline (red dot). As for risk, I'll cut loss if the pair break below 1.3430.

In bigger view, EUR/USD has finished 5 waves down from 1.5143 with low at 1.3266 before forming a double bottom pattern. However, the bearish view remains as long it stays below 1.3815 resistance, while break of the low may bring EUR/USD to the neckline on weekly chart.

GBP/JPY, GBP/USD, and EUR/USD Update

These are the update for GBP/JPY, Cable, and EUR/USD from my last tweet about chart setup.


The pair finally break a side after going sideway since it reach 132.00 low. I missed the first breakout of 134.02 but luckily I got another opportunity. The pair reached 2nd target (which is also the neckline) after NFP data released. I think we'll see corrective movement in hourly next week before it reach 50% fibo level (137.80). Otherwise we'll see a reversal signal and we can start selling the pair again ;)


GBP/USD
Cable still moving inside the corrective channel, support by 1.5000 level. I think we can still targeting the 50% fib level around 1.5300 next week. I have closed my position yesterday along with my GBP/JPY position. So I think I'm going to wait for a dip near the support channel before buying this pair.


EUR/USD
The euro still moving between 50% and 61.2% Fib level. I am just going to stay out of this pair until a significant break occurs.

Chart Setup GBPJPY, EURUSD, and GBPUSD

Above are chart setup for GBP/JPY, GBPUSD, and EURUSD.
GBP/JPY downtrend may continue this week after 2-week retracement from 138.26 and went as high as 143.63 last week. I currently shorting this pair as long it stays below the falling trendline.

GBP/USD broke 1.5707 support area on weekly chart. 100% projection is near 78.6% retracement or the green horizontal line (see chart).

EUR/USD reached 61.8% retracement which is the target from the previous post. The pair may have completed the third wave from 1.5144 top at this level. However the outlook is still bearish in daily chart as long the channel remain intact. First resistance is the last week high around 1.3780.

EUR/USD Reach Target

The pair has reach the target mentioned in previous post and found support at 1.3582. The pair retrace back to 1.38 since the open of this week market. It has not been clear yet of the retracement pattern this time, but I think the down trend ain't over just yet. On daily chart above, we can see that 1.3800 area was a serious support level around June last year, and even at weekly chart we can see a clear break from 1.3800. First target is the 61.8% retracement of 1.2457 to 1.5144 at 1.3483. You can see other levels in the chart above.

EUR/USD Bearish View

Above are EUR/USD monthly and daily charts. I tried to count the wave on monthly chart which suggest that the pair is on the third correction wave (c). The bottom of wave 4 is at 1.1639, just between the 50% and 61.8% retracement level of 0.8225 to 1.6037.

On daily chart, the pair already broken 61.8% extension of 1.5140 to 1.4217 from 1.4577. The 100% projection is around 1.3660 and 161.8% around 1.3090. Set your stop loss and let the pair fall guys!