Greetings and good morning to everyone:
I am fine and I hope all of you guys are well and happy. Hope everyone is fine and you must have had a great business day yesterday. In forex trading, the plan is very most common thing which decide your future in trading, if you don't have any plan and you are just running horses in the air, you cannot succeed so you must have your own trading plan to face success. Almost every man face losses in intial stage in trading, the basic reason is lack of knowledge and skills, instead of knowledge skills you don't make money in trading without trading plan, so trading plan is the most common key for everyone trader to stay longer here.
EUR/USD H4 Chart Analysis:
The eurusd slipped again yesterday, and traded against my expectations. From the start of this week, the eurusd seems to be a unexpected and I am trying best to deal with eurusd but it's movement is confusing my technical analysis and skills, but sometimes that happens so don't worry, and now according to my technical analysis on H4 TFC of eurusd, the price is sitting on a very crucial support area at 1.2124-39. Here, there are most probably chances the buyers will manage to take up the prices but I am not ready to buy eurusd yet, I will wait untill the quotes break the resistance level at 1.2223 and consolidate above on it. I feel in this week we should have to wait for the confirmation of continuation of uptrend and then decide what's the next step of eurusd. On another hand, I see another scenario the price may break through the support level at 1.2124-39 and consolidate below this level, in this situation we should have to avoid to take trade against the major trend direction.
The gbpusd did nothing special yesterday, and daily candle closed in the form of little bearish position that's not a good sign for buyers. Yesterday, the price returned from the level of 1.3700 and so a resistance level was created on H4 time frame chart at 1.3700. Here the situation is neutral the price may go in any direction, either it will continue to extend its bearish momentum and may go to test the support level at 1.3535, and the most probably chances the gbpusd will likely to break the resistance level at 1.3700 and gives us direction to buy gbpusd near above 1.3700. Today I will monitor to gbpusd and focus on it's movement and try to understand it's price action momentum and then decide what should I do in gbpusd.
Due to the less volatility in the market the gold momentum was also not good yesterday, the daily candle position was mild downward which indicates the slightly bearish momentum in gold. Now look at the H4 TFC of gold, the price failed to break the support level at 1.1820-35 and trading above yet. I am monitoring the movement of gold and and waiting for it's breakout or pullback correction. I expect, the price will most likely move in the favour of buyers but I have no any technical set-up to deal with gold so I will wait till the technical set-up forms. In case, if price break the resistance level at 1862, then I will buy gold above the mark of 1862 to the target levels of 1885 and 1900, but I am not sure about it, today I feel the gold will trading amid the resistance level at 1862 and support level at 1820.35.
Today microeconomics calendar have no any special political news expect USD Fed Chair Powell Speaks, during speech the USD cross pairs may show unexpected movement so be careful and work with risk management rules and regulations to protect your trading account from unexpected price fluctuations.
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