I have received a lot of emails from readers asking me to share with them my analysis on the EURUSD and USDJPY for this week as they find it hard to trade these 2 pairs this week.
For the EURUSD, it is moving in a range and you can see it from the picture below
If you take a look at the 3 EMAs, you can see that the 3 EMAs are crossing each other for sometime which is how I can tell you that the EURUSD is currently moving in a range.
The good thing about this situation is that once the price breaks the range, it will give us a lot of pips.
This is exactly what I am waiting to do for my trade copier users.
At the moment, what you can do is to trade the range if you wish to or simply wait for the price to break the range to get the pips.
On the daily chart, you can see that the price has hit a major resistance which is the 100 EMA. In addition, the USDJPY on the daily chart is in a strong downtrend.
On the hourly chart, the price is also starting to move in a strong downtrend.
On the 15 minutes chart, the price is also moving in a strong downtrend but it is experiencing a EMA squeeze at the moment.
For EMA squeeze, it is a good chance for us to trade when it expands.
As a whole, I will look to enter a SHORT trade on this pair unless it create a FEMA reversal strategy movement and I will then enter a BUY trade
For those of you who are interested in learning my trading strategies and use my trade copier service, you can take a look at the link below