EURUSD Trade Analysis
Current Trend: Uptrend.
Support Levels: 1.1963.
Resistance Levels: 1.2078.
EURUSD Daily Chart
EURUSD Trade Ideas
Price on the EURUSD is now in a very strong move higher as shown on both the attached daily and 4 hour charts.
The best play in this pair looks to be to trade with this strong momentum and not try to fight it.
Price has recently broken out and through an important resistance level. If price can now move back into this level around 1.1963 it could look to act as a new role reversal and support level.
This level could also be a high quality area to start looking for long trades with this momentum.
Long trades at this level would be from a quality support level and inline with the trend.
EURUSD 4 Hour Chart
GBPNZD Trade Analysis
Current Trend: Downtrend.
Support Levels: 1.8903.
Resistance Levels: 1.9093.
GBPNZD Daily Chart
GBPNZD Trade Ideas
We discussed this pair in yesterday’s trade analysis and I still have a very close eye on it.
After yesterday’s daily chart inside bar, price has now formed another inside bar. This is known as a double inside bar pattern and is a pattern where price consolidates and then eventually breaks out.
Because all the momentum on the higher time frames in recent weeks has been to the downside I will be looking for short trades only.
This means that I will be looking for price to make a potential break of the double inside bar pattern lower.
If this break lower can happen, then it could activate short trades for a much larger leg lower.
GBPNZD 4 Hour Chart
