I hope you are having a wonderful start to your trading week.
In today’s “Technical Tuesday” session, we analyzed the EUR/USD currency pair and discussed the long/buy position that we informed our subscribers about during the previous trading session. We are still long EUR/USD, with a target of 1.1335, as we expect the pair to consolidate earlier gains before topping out. The US Dollar Index (DXY) exhibited price action that signaled a continuation of market consolidation. Lastly, we talked about the USD/JPY, and explained how this pair is leaving “footprints in the sand” to help traders clarify market bias and forecast pending price behavior in the pair, and also high yielding, risk-oriented assets. Although prices appeared reluctant to break out of their tight consolidated ranges, the technical picture continues to point toward a short US dollar bias, with the USD/JPY sliding lower in trend continuation.
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Marvin Perry has been an active trader within the Forex market since 2010. He attended the University of Illinois in Urbana/Champaign, and graduated in 2002 with a double major in Cell and Structural Biology and Chemistry. He currently serves as an FX instructor & Quantitative Analyst for the Forex Anatomy Private Trading Community called "The Lab", where he conducts live weekly trading webinars & instruction on Fundamental Analysis & Inter-Market Interpretations of dynamic asset classes and their influence on currencies.