Daily FX Training | Learn Forex with the Dynamic Traders: Last weeks charts revisited

Good evening Ladies & Gentleman,

Lots of movement on the Yen currencies happened overnight. Below are the weekly and daily charts for the EURJPY and EURUSD. I thought we would take a big brother view today in addition to the reviewing the daily charts.

EURJPY
The weekly chart shows the medium term downtrend. Price retraced through a strong resistance level to a Fib breather level and a RN. It then produced a reversal candle and started to move southwards.

Last week when I posted this chart, price was approaching the value index and the 135 figure. It has since tagged the value index and bounced off it. The daily chart shows price is now appoaching a support level which is in close proximity to a Fib breather level. If you are already in this trade, it will need to be managed closely to protect your profits.

EURUSD

The weekly EURUSD shows a triangle formation, price is getting constricted into a squeeze.

The daily chart is a little busy but I wanted to ensure I captured everything to share with you. On the last post price was hovering around the value index, it continued to do this for 6 days before it broke down. Price is now heading towards an area of support, Fib breather level and RN. Again trade management is key as we approach this level. MACD is currently following price and not showing any early warning signs of reversal.