Today’s “Technical Tuesday” Analysis Session (October 29, 2019) for both the EUR/USD and USD/JPY currency pairs is currently available for viewing.
In today’s session, we discussed a nice potential breakout buy opportunity on EUR/USD that is forming at the moment. Price expanded higher, breaking through a key structural resistance level on EUR/USD. Therefore, there is a strong buying opportunity that we can take advantage of shortly, if we are a little patient. We discussed this potential trade idea in today’s session.
We also discussed the complex price action of the USD/JPY and why you should be a little cautious when trading this pair. Because of its complex price action, we revealed how it’s important to look at the monthly time frame in order to gather more historical data so that we can make a better decision when trading this pair. We concluded today’s “Technical Tuesday” webinar, by revealing a potential short term sell trade that you can take advantage of on the USD/JPY.
The US Dollar is continuing its sell-off from Monday on the back of renewed hopes over Brexit and poor US economic data. This is causing EUR/USD to resume its bounce higher above the 1.1100 handle and USD/JPY to consolidate its gains from earlier. There is a risk averse tone in most high-yielding assets which should encourage Yen safe haven demand. In this video, we provide detailed analysis on how to trade the breakout in this yen cross, as well as the EUR/USD.
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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.