It’s monday morning again and we are ready with a little Forex inspiration for your trading week.
EURUSD is yet again to find on my list of interesting trades since the level is not yet hit. I havn’t put an order in for now since I’ll see how the day starts out and if we hit the interest point.
I have kind of the same setup in USDJPY where we have an untested level where I’m looking for a short.
Here I’m looking for a long trade since the daily chart is moving down strongly and takes out the last 4 bars but then ends up with a bullish close. It looks as though a group of sellers has been caught on the wrong side of the market. Looking at the 1hr chart I’ve shown the earlier support level that was taken out followed by a good bull move. If we can get down to test this area before reaching my target (the high from Thursday) then I’ll go long USDCHF
USDCHF (But now as a short)
Another opportunity is a short since we have an untested area. I will only consider this short trade if we get above the ATR of the day and we don’t se a resistance level forming right under my entry.
As is looks right now I’m only looking at the untested areas, but I would like to go long USD since several USD-pairs showed great strength friday. This tells me that the USD could become very strong from the beginning of the week.