It is going to be another difficult week of trading for most of you due to the market volatility. Therefore in this post, I am going to share with you my analysis on the EURUSD, USDJPY and GBPUSD this week as I hope that my analysis can help you in your trading this week.
First of all, I will like to thank all of you who send me emails to show support for the service
Before I begin my analysis, i will like to update you guys the performance of my trade copier as we have made another 200 pips on Friday 13th March 2020 with the USDJPY movement.
Below is the live trade video of the USDJPY trade
Because of the strong volatility, it makes it easier for the price to hit the 100 pips target profits.
If you have been following my blog, the box area are the 2 trades that I have shown you on this video and this is the results. Those above have been shown on my previous post.
With these 2 trades, we are now 48.2% profits and I hope to bring it further by the end of this week.
My EURUSD Analysis
For the EURUSD, the price is in a strong down trend but is currently being supported by the strong support at 1.10540 on the 15 minutes chart
On the 4 hourly chart, you can see that the price is being supported by the 200 and 400 pips.
If the price breaks below the 1.10540 level, it will give us a very good chance to ride the continous down trend.
But please do not enter the SELL once the price breaks below the level, you need to follow your own strategy to enter a SELL trade.
My USDJPY Analysis
For the USDJPY, it is currently in a strong uptrend. If you have followed my blog, I told you before that the EURUSD and USDJPY are often moving in opposite direction.
The price is now being resisted by the 200 and 400 EMA on the 4 hourly chart which are level of strong resistance
There is a high chance that the price will continue to move in the trend if it manages to break above the 400 EMA and therefore you can look to go LONG for this pair
My GBPUSD Analysis
The GBPUSD is currently in a strong downtrend but you have to be careful about the 1.21989 support on the daily chart.
For this pair, I will look to go SHORT until it hits the 1.21989 level.
I hope that my analysis will be helpful for you as I myself am using this analysis for my own trading as well.
If you are interested in joining my trade copier service where I will help you to grow your account while you focus on learning how to trade from me, you can take a look at the link below