USD/CAD: A great opportunity to go “Long” on a daily traded which may be launched on today’s trading session.
EUR/JPY: For the last two month, the pair is navigating between the support of 115.2 and the resistance 116.64. It doesn’t follow any specific trend.
The traders who entered the long transaction suggested on yesterday’s trading session reached the 1st level to “Take Profit”.
As stated in the last daily analysis, the pair is making its way to the resistance 1.0341. We still keep our position about it. A great opportunity to go “Long” on a daily trade, which may be launched on today’s trading session, was created.
On a daily graph we can see an increasing process started about 5 sessions ago and one daily (Last session) correction of about 33%. Our analyses suggest the end of the correction and a restoration of the previous uptrend. In order to confirm the intuition, the identification of an increasing configuration on 1H graph is required.
The required configuration should appear when the resistance of 1.0193 will be crossed upward. Once crossed, the mentioned opportunity should be open and an adapted market order entered.
1. “Limit” order on a “Long” position 10 pips above the mentioned 1H resistance, meaning: 1.0203.
2. “Stop Loss” order on the last dip occurred: 1.055
3. 1st degree to “Take Profit” should be placed on the following resistance at 1.0232.
For the last two month, the pair is navigating between the support of 115.2 and the resistance 116.64. It doesn’t follow any specific trend. Currently the pair is making its way to the upper level of the navigation. The graph doesn’t show any potential resistance on the way.
Once the mentioned resistance will be reached, 2 outcomes are possible:
1. The resistance is crossed upward and the pair is closing above it. In this case, it should be better waiting for a technical correction, looking for an increasing configuration on 1H graph, and enter your order accordingly.
2. If the pair is stopped on the resistance, a “parking” for about a session and a half should confirm the fact the pair is based on the level and will not cross it. A reversing trend could be the result of such a stop; creating an opportunity to go “Short”, after the identification of a decreasing configuration on 1H graph.
Have a profitable day!