Video: Is EUR/USD Due For a Correction? - Technical Tuesday - Forex Anatomy

Video: Is EUR/USD Due For a Correction? – Technical Tuesday

Today’s “Technical Tuesday” Analysis Session (December 3, 2019) for both the EUR/USD and USD/JPY currency pairs is currently available for viewing.

 

If you’ve been struggling with your trading lately, you should strongly consider watching today’s Technical Tuesday session. In today’s video, we shared a few lessons on the importance of being a “fluid”, semi-discretionary trader when approaching the financial markets. Over the past 2 to 3 months, I’ve seen many traders lose a boatload of their trading capital due to an inability to readjust their trade bias as soon as price behavior displays an adverse signal or structural change. This mishap is been the downfall of many “skilled” traders. For this reason, it’s crucial to
ALWAYS use an “If-Then” model or approach when tackling these erratic markets.

 

The greenback is still on the defensive following disappointing US economic data, as well as negative trade headlines supposing that a US-China deal may be delayed until after the 2020 presidential election. As a result of this news, the EUR/USD continues to remain bid and the USD/JPY is favoring safety, as risk aversion continues to weigh on investor outlook. In this video, we provide detailed analysis on two(2) high-probability trade setups that could be forming for both majors in the absence of any major market-driving economic releases on the calendar.

 

 

In today’s session, we discussed a nice potential breakdown and sell opportunity in EUR/USD that may be forming at the moment. Price appears to be consolidating on the 1 hour chart at the 1.1100 institutional level, which also has confluence with daily structure resistance. At the moment, we are waiting to see if we can get a breakdown and expansion lower to test a key zone of structural support where buyers may place bids on EUR/USD. However, there’s also the possibility for us to see a continuation of yesterday’s price action, where we may see an upside breakout on the EUR/USD, which will provide for us a nice buying opportunity. We discussed two (2) ways to engage the EUR/USD currency pair based on where price breaks out on the 1 hour chart. There’s a sell and a buy that we can potentially exploit.

 

We also discussed the USD/JPY and how a common chart pattern on the daily could be indicating more downside price action for this pair. Although price is exhibiting signs of strong bearish momentum, we know that price is approaching a critical area of support where we may see some demand kick in for this pair. In today’s session, we disclosed exactly what you should see at this strong support area before you consider buying. We also talk about a high probability sell opportunity that you can take advantage of if price continues sliding lower on the USD/JPY.

 

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With that being said, if you want more high probability trade ideas in a plethora of currency pairs, as well as professional training on how to properly trade Spot Forex using good risk mitigation skills, then I recommend that you tap here to test our private trading community called “The Lab”. 

About the Author Marvin Perry

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.

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