Today’s “Technical Tuesday” Analysis Session (November 12, 2019) for both the EUR/USD and USD/JPY currency pairs is currently available for viewing.
During this week’s “Technical Tuesday” Analysis Session, we provide a brief technical overview of the inter-day price dynamics in the EUR/USD and USD/JPY currency pairs, and offered various trade scenarios that could develop from each instrument during this week of volatile trading. The webinar began with a brief overview of a potential breakout and buy opportunity in EUR/USD that could be forming at the moment. Price created a double top on the daily, expanding lower to test a key zone of structural support where buyers may come in on EUR/USD demand, due to some profit taking on US Dollar long position. The 1.10 institutional level is a key level on EUR/USD where we may see bullish momentum kick in. If we are a little patient, there may be a strong buying opportunity that we can take advantage of shortly. We discussed 2 ways to engage in this potential buy trade for EUR/USD during today’s “Technical Tuesday” session.
We also discussed the complex price behavior of the USD/JPY and the reasons you should be a little cautious while trading this pair. Although this currency major is exhibiting convoluted price action at the moment, we can observe that this pair is having a difficult time creating a new high on the daily time frame, and there is a technical reason for this. During the session, we identified clear chart signals that indicated that the greenback could be possibly topping in comparison to Yen. Both majors are poised for a significant breakout with dollar weakness leading the way as economic headwinds & political risks continue to loom. Today’s price action is offering technical clues on how to trade unique setups in both pairs. We explained why in today’s session and also revealed 2 possible shorting (sell) ideas that may take place over the next 2 to 3 trading days on the USD/JPY.
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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.