What's next for EUR/USD?

BY

EDWARD M. HAMMAN

SENIOR TECHNICAL ANALYSIT 

WADAFOX TRENDING

17 APRIL 2020

0716

Good day to all traders that are following our blog.

Thank you to all who has subscribed and for the personal emails regarding extra information.

Let's have a look at what happened last week and what is in store for next week regarding EUR/USD...

So far, as seen above, the market was bearish, but still holding that little trendline to the upside. Now there are two possiblities. Firstly, that little trendline just might be strong enough to hold the bears in place before the bulls starts to kick in and take over and rally up; secondly, the bulls are not strong enough to rally up as they had 3 weeks to do so, and yet they only progressed as far as you see in the above picture.

Which is why I drew a wedge as seen below:

In uncertain times like these for intermediate traders, a wedge is a good indicator to use. I will just have to wait and see where the market makes the breakout. The moving averages all remain below the long term MA, so I think it will break out to the downside. I have placed two possible levels where a limit order can be in place, but that I will only know for sure once I see the direction the market is going to take.

Another example is in the image below:

The USD is completely oversold in the weekly data report, and it will gain some momentum to the upside, which means EUR will fall a bit.

USD still has the upper hand as seen in the below analysis. So do not expect the EU to make any new higher highs in the near future. 

I know my way of doing analysis is different from others, because I rely more on data analysis than anything else. But it is these past data that gives us future direction. I look at the economic calendar daily to see what is coming up, and what the results are, and I compare that to my data analysis. During this past week I have collected 850 pips profit, which I believe makes me fortunate enough to make good profit by using the analysis that I am sharing with fellow traders.

Have a great week guys and I will do some updates as the market makes it's move.

(THE ABOVE INFORMATION IS PURELY SPECULATIVE AND WE DO NOT ACCEPT ANY LIABILITY FOR GAINS NOR LOSSES ACHIEVED BY USING THE GIVEN INFORMATION)

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21 APRIL 2020

Good day traders

Here is an update on my blog post above:

The market pushed up and is looking good for the bulls. It surpassed the trend line in between A and B, and made a new higher high. So we can expect the market to close at a higher low and see a continuation on the small uptrend.

As I mentioned before in the beginning of this blog, we should wait to see what the market does by looking at the wedge, and as the image above, the market broke the wedge to the upside and which confirms the strength of the bulls.

As you can see it opened a limit order of mine but pushed up further than expected, so I can only hope the market comes back down to catch my profit.

Mostly the news between EU and US is more positive in the US side, which means US is still in the lead, which then gives us an indication that the EUR/USD will drop still. But for now we can see the EUR/USD rise for the time being.

(THE ABOVE INFORMATION IS PURELY SPECULATIVE AND WE DO NOT ACCEPT ANY LIABILITY FOR GAINS NOR LOSSES ACHIEVED BY USING THE GIVEN INFORMATION)