TradersClassroom

TradersClassroom

Support that has now turned to resistance. Good opportunity for a short.

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Looking for this pair to bounce off support. This formation points to at least the top of the channel.

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Looking at a potential Gartley pattern completion. Completion is just below a support level.

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Pair continues to be very well supported at the moment. Looking to buy the break of the recent trendline.

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Saw a bounce off former resistance turned support today. Pair looks ready to take on the completion of the ABCD pattern at the former high.

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No matter what the Fed does, I think the pair finally breaks this wedge. A hawkish tone provides a clear path to the 115.50 zone.

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Currently in a range. Needs to break 1.1380 or 1.0770 to break out of the range.

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I fully expect this pair to break this descending wedge to the topside. Would look for it to hit the targeted line.

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1.08 wasn't test in the initial release. Seems we got most of the information initially which leads you to wonder what Draghi can add. a break of 1.08 will be huge. Rallies to 1.09 and the 1.0925-1.0940 zone will probably be sold off.

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Levels to watch for the ECB decision. 1.08 support area will be much stronger than 1.0940 area.

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This pair is still ranging and I suspect it will continue to range for the next couple of days until the ECB. Anything above 1.1070 changes my bias and breaks us out of the short term range. I suspect this pair should fall in anticipation of the ECB meeting.

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Playing this to the downside. A lot of data and angst with these two currencies in the upcoming week but we are merely playing technicals here. Whatever happens, happens.

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We are pressing up into resistance with some bearish divergence.

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Super simple set up here. Ascending wedge break out to the top side. Looking to buy a dip back to former resistance now support.

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We have a perfect ABCD Pattern set up here. The retracement is a perfect .618 which allows the projection, 1.618, to line up at the exact number where the equal legs end. 115.08 is my point of entry.

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Two patterns completing in the same zone. The bat pattern completes just above 86 while the ABCD pattern completes just below 87. This is a major kill zone and a chance to get short. A lot of Fibonacci confluence this area.

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Watch out for the break of this trend line. Looking for it to squeeze much higher.

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Pair is firming up around a support zone. There is also trendline resistance in this zone as well. Good risk/reward. If we break below then it would be a small loss and a signal to get short.