I know that a lot of you guys are waiting for this post.
First of all, I need to warn you guys that the market is super volatile at the moment as the US election is ongoing. You will expect more volatility after the results is out. Therefore I will suggest that you skip trading for this entire week to be on the safe side.
At the time of writing, the EURUSD and GBPUSD is moving up as the USD is weakening ahead of the election results. If you insists on trading, you can take a look at my analysis below which might be of help to you.
My EURUSD Analysis
If you take a look at the daily chart, you will see that the EURUSD is in a strong up trend and it has retraced back to hit the 100 EMA yesterday which is a strong level of support.
If you take a look at 15 minutes chart, you will see that the price has turned from a strong down trend to an up trend yesterday as the USD is weakening.
If the 100 EMA on the daily chart manages to repel the price, it will turn the strong down trend on the lower time frame to a strong uptrend on the higher time frame. (This is one thing you need to take note of)
But if we take a look at the weekly chart, we can see that the price has moved up to test the 400 EMA again which could lead to the downward movement of the price if it fail.
I will look to go LONG for this pair as the lower time frame is now align with the daily chart but beware of the volatility as a small movement can easily be more than 30 pips which is enough to stop you out.
My GBPUSD Analysis
Similar to the EURUSD, the daily chart of the GBPUSD has also hit the 100 EMA support while the 15 minutes is shifting the trend to an uptrend.
Therefore I will conclude that these 2 pairs are going to move quite similarly this week.
Please be very careful when you are trading today as you might experience spike in price after the results is out.
For those of you who are interested to join my forex signal service, you can take a look at the link below for more information.