If you have read my earlier blog post, I say that the EURUSD is going to move down but instead it starts to move back up. Therefore I will like to share with you 1 important pattern on the EURUSD and GBPUSD which can make you at least 100 pips.
In this post, I am going to do a detailed analysis on these 2 pairs so that you can also make some profits from the movement
If you are wondering why the price started to reverse everything it looks like it has broken a resistance or support, it is because the institutional traders are trying to test whether everyone will follow suit to cause the price to move in the direction of the breakout.
The EURUSD is being held within a trend channel on the weekly chart. If you see the picture below of the EURUSD weekly chart, you can see that the price is stucked which makes it very hard for traders to trade.
Therefore the best way to trade now is to trade the range. Every time the price breaks upwards and hit a major resistance, you can SHORT it and every time the price breaks downwards and hit a major support, you can BUY it.
For the EURUSD, there are 2 levels you can take note of. If the price manages to break these 2 levels, it will move by at least 100 pips or more as the price has been moving sideway for sometimes already.
You can see the picture above for the 2 levels
For the GPBUSD, it is pretty similar to the EURUSD, it is also being held within a trend channel for sometimes.
If the price breaks the channel, it will give us a very nice profits of at least 100 pips.
Therefore I will like you to take note of these levels so that you can make profits when the breakout occur.
At the time of writing this post, we have enter a BUY trade on the GBPUSD and is in 20 pips profits. If the price manages to break above the upper resistance, we will take profits at 120 pips which is a nice win.
For those of you who are interested in joining my trade copier service, you can take a look at the link below