Illiquid markets this week are keeping me out. There are plenty of opportunities out there for the risk hungry though. Download the full forecast below:
Look for a flat week. Until the liquidity returns to the market, we’ll be shying away from risk taking. Download the complete forecast below:
: I expect a move to 92.34. Often, in well defined three leg movements, a correction to the extreme of the second leg is seen. In this case, there is a very well defined three leg movement from 97.76 to 94.72. Beware of a break of the 87.30 level.
Bulls should be cautious this week. Price has broken the 1D ascending trendline that started on May 7th. EURUSD is currently trading at the low for November. This also happens to be the 23.6% Fibonacci level of the April 20 – December 3 swing. If price reverses here, look for stiff resistance at the 1.4846-66 zone. Bulls will also be challenged by the secondary ascending trendline in that area
Properly identifying prices at which a market is likely to respond is one of the most important skills a trader must master.
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