Since the USD pairs are pretty volatile at this moment, I will like to share with you my analysis for this week so that you can trade profitably this week as well
It will be hard to trade the EURUSD this week as the price is showing 2 different direction on different time frame
On the 4 hourly chart, you can see that the price has hit the 200 EMA which is a very strong resistance in forex trading.
But when you look at the 15 minutes chart, the price has turned into an uptrend.
If you take a picture above, you can see that we have an open position for the EURUSD BUY at the moment.
The reason why I enter a BUY trade is because the price has formed an uptrend on the 15 minutes chart plus the price has break through the 400 EMA on the hourly chart.
Since we are talking about the EURUSD, I will like to take this opportunity to talk about the USDJPY
For the USDJPY, you can take a look at the 15 minutes chart below, you can see that the price has broke the major support which is the blue line and this old support has turned into a new resistance.
At the moment, we have an open SELL position on the USDJPY and the stop loss has been shifted to breakeven which means that this trade is either a winning trade or a breakeven trade.
My advice for you is to look for opportunity to go SHORT for the USDJPY this week.
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