EUR/USD on the daily graph has drawn a bullish candle resembling a hammer after appreciating since mid August. The hammer has indicated a change of the trend and the last two days the euro has depreciated. I think this is the beginning of a downward trend and at least next week the main direction will be downward for the euro. Open short positions!
WallStreet6's Blog
EUR/USD
EUR/USD will most likely close today with a 3rd bullish candle in a row on the daily graph. We have seen some sell off today at the beginning of the trading day. However, the price came back up and will probably close on a rise. I think this points to further appreciation of the euro. I think the price may go above 1.17.
EUR/USD
EUR/USD has appreciated from 1.13 to over 1.16 in a 5 Elliot's wave movement. This was sharp upward movement and after reaching the level of over 1.16 we can expect some retracement/correction in a form of waves A (bearish), B (bullish) and C (bearish). However, I expect the dominating direction in this movement to be bearish and I think we may see some sharp drops as well. My prediction for the ucoming week is Bearish.
EUR/USD
EUR/USD has continued it's appreciation today drawing a bullish candle However, the rise wasn't as large as in the 2 previous days. It started the day with a drawdown to around 1.1570 and then rose to 1.1625, but has retreated and is currently trading just below 1.16. As the uptrend has lost momentum today it may indicate that the 3rd wave in the 5 Elliot's wave movement is coming to an end and ahead we may have the 4th bearish wave. I think on Thursday we will see some depreciation. Bearish
GBP/JPY
GBP/JPY has been depreciating steadily since mid July. Last week it has consolidated around 141 and tested support just below 140. During this consolidation it has formed a flag and today it has broken out of by sharply appreciating. It has jumped well above 142. I think this is an impulse showing the upcoming trend. I think further appreciation will follow and in the beginning it may be as sharp as today. Bullish.
EUR/USD
EUR/USD after testing 1.14 support today has embarked back on the upward movement. It is currently trading around 1.1480 and this could be the beginning of the 3rd wave in the classic 5 Elliot wave movement. It is still early to tell for certain and it may not work out that way, but I think it is very possible. If so then there should be quite some appreciation ahead and pips to be made. I think euro appreciation is also possibile from the fundamental aspect as risk aversion concerning global tr…
EUR/JPY
After testing support at 125.00 last week EUR/JPY has been appreciating. After it has made a retracement of the last bearish candle it has drawn a candle resembling a doji on daily graph, but I think the uptrend will continue.Bullish on EUR/JPY. I think it may go back up above 127.00 level.
EUR/USD
EUR/USD last week has been depreciating and has tested support at 1.13. On the daily graph it has formed a c as candle close to a doji and then the last 2 days was making a rebound and has appreciated to close the week at 1.1437. When we look at weekly graph we see that last week's candle was a bullish hammer, what would indicate a change of trend and upside ahead. I think next week we'll see the euro appreciate.
GBP/USD
GBP/USD after diving down further and testing the level at 1.2850 has bounced back up to 1.29 and is now trading around 1.2880. On the 4 hour graph it has drawn a doji or a falling star after the bounce up bullish candle. Therefore, I see the cable to continue on it's downward trend and breaking the low of 1.2850.
EUR/USD
EUR/USD after reaching low at 1.1530 yesterday it has bounced back up to just over 1.16. I think that after this retracement we will see the euro dive back down below 1.16. BEARISH