DXY has been the only thing responding to this pair, increasing oil prices have ensured the weight of the peso is recovered. If DXY Continues a Downwards Direction, this is a good trade setup for a swing.
So it was a slow week for EURUSD, a slow week all across the board to be honest. Hopefully things pick up a little next week, however with EURUSD I'm only seeing indications of choppy action. It hit the yearly high-trendline 2 weeks ago and since then and has been choppy. Many thought a head and shoulders formed on the pair, however price failed to close below the...
Let the graph speak for itself on this one, price kept stable even while DXY was tanking. Fundamentals agree with the forecast. Price tried to pullback but was rejected. MARSI Indicating a Long Entry as price is trading above the RSI Signal.
For those trading Turkish Lira, price has hit the daily trendline and is looking for more upside momentum. Breakout of this trendline would confirm short-term bearish price action. Fundamentals are still looking weak for the lira however so long orders are favoured. A bounce off the daily trendline would confirm long-setups along with confirmation from the MARSI.
A cup and handle pattern looks to have formed, therefore a long bias has been chosen. Only buy the breakout, and remember to move the SL to Break-Even when 10-20 pips away from the entry. No fundamental analysis has been completed however for this pair.
A head and shoulders pattern has formed on GBPCHF after breaking through a wedge. A trend change may be at play - Fundamentals on the Swiss Franc seem strong after a better than expected figure for unemployement and GDP. Remember to set a tight stop loss and set the stop to breakeven once about 10-20 pips away.