Dear, good morning to all of you. By the grace of Almighty today I am feeling better. Dear, no business has the ability to contend with the forex business, but to succeed in this business traders need to trade with some basic tools which everyone knows, like trade with full planning, use stop loss, use a realistic take profit, trade with proper money management. I think the broker is also very important for success in the forex business, and I prefer and advise to all those who want to do forex business and are searching about the broker, please chose Instaforex as your broker, I assure you that you will enjoy this broker in every field of trading.
Analysis of EURUSD:
Dear, EURUSD is now trading at 1.2150, when I update my previous trading journal at that time I told you of a sell trade in the EURUSD and a bearish movement in the EURUSD, and I am happy that my technical analysis works well and the market moved same as I predicted about it.
In the h4 chart, EURUSD breaks a bullish triangle towards its support at 1.2266 and then starts a bearish movement. Initially, in the bearish movement, EURUSD breaks the 50 MA, 100 MA, 150 MA, and then moves to 200 MA but from 200 MA EURUSD gets rejection and we see that the market starts a bearish movement right above the 200 MA. Yesterday EURUSD start a bullish movement from 200 MA and move towards 50 MA and at that level again the market showed bearish pressure and we see a downward movement in the EURUSD. Currently, EURUSD is trading below the 200 MA in the h4 chart and good for sellers to sell EURUSD with full confidence, in the daily chart EURUSD is trading above the 50 MA and looks soon will be a move toward 50 MA. In the h4 chart, the Stoch indicator already starts a downward movement and showing the seller's pressure in the market. Now sell EURUSD from this level and set a target of 1.2070.
Overview on GBPUSD:
Dear, in October 2020 GBPUSD start a bullish from 1.2050 movements. In the h4 chart, GBPUSD forms a bullish trend continuation pattern and move to 1.3702. At 1.3702 GBPUSD rejected as this price level was at the upper trend line of the bullish trend continuation pattern. Then the GBPUSD market showed an interesting thing, that it forms a tiny bearish trend continuation pattern in the previous bullish trend continuation pattern, and that bearish trend was broken in this week from 1.3635 and we see the price of GBPUSD towards 1.3699. From 1.3699 GBPUSD again starts downward movement and now it looks GBPUSD will touch this tiny bearish trend pattern upper trend line at 1.3580 which is like a support price in the GBPUSD market and at this level GBPUSD will also touch the 50 MA in the h4 chart so mate I hope GBPUSD now will show some pips downward movement as the Stoch indicator moving in the downside at this level, and then from 1.3580, we see GBPUSD bullish movement so be ready to see a good movement in the GBPUSD.
Forecast of Crude oil:
Dear, for a few months crude oil started a bullish movement, and in the h4 chart, crude oil is forming a bullish pattern. Crude oil was trading in this pattern very smoothly. Yesterday in this pattern crude oil hit the upper trend line at 53.85$ and from this price, crude oil started a bearish movement and now trading downward. Dear, it looks crude oil market will move a few pips downward and this is not a trend of the oil market but required for the continuation of a bullish trend in the oil market. From this level, I will advise for sell trade in the oil market with the first target of 51.35$ and the second target of 50.10$. Good luck to all.
Today's news events in the financial market:
Dear, today there is a lot of news in the financial market. For USD, NZD, JPY, GBP, CNY, EUR news are on the financial board. All news is having a low impact on the market except one USD news " Fed Chair Powell Speaks " which has a high impact on the market. Please don't ignore this news event because due to this speak market will show good volatility.