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EURGBP 1 HOUR CHART – Chart speaks for itself
You have seen me focus on this cross as a clue to trading EURUSD and/or GBPUSD o I will let the chart speak for itself to explain the weak EURUSD and lagging GB=PUSD.
As I haver offered before, feel free to contact me (link in the top menu bar) if you want me to elaborate.
US500 4 HOUR CHART – CONSOLIDATION?
I posted this late yesterday and so far, this is just consolidation.
Keep an eye on 5963 as a break would suggest a pause and risk of a retracement.
On the other side, 6000 is clearly a majo pivotal level that will dictate whether this is just consolidation or risk of a deeper retracement.
MUST READ
I suggest reading this article in our blog, especially when the dollar dip after the CPI report, which ran some stops to take out weak longs, did not follow through. It was like a mini retracement.
Forex Trading Tip: How to Use Retracements to Your Advantage
EURUSD 1 HOUR CHART – WAITING FOR US CPI
This chart is very clear…
1.0630 is a key resistance… BUT would need become support and then renew 1.0665 (former support) to shift risk away from 1.06
Extended low by 2 pips to 1.0593, suggests there were not a lot of stops below yesterday’s 1.0594 low….still at risk as long as it trades below 1.0630
Suggest reading this article in our blog
Forex Trading Tip: How to Use Retracements to Your Advantage
USDJPY 4 HOUR CHART – 155 OR BUST
The key level is clear at 155, not only a major pivotal level but 155.20 is just above it.
I am not saying there was a hidden hand protecting 155 but price action suggest there was someone protecting this level.
On the downside, only back below 154.40 would deflect the focus from 155,
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