Euro 123886

Good Day Dynamic Traders,


Below is a 240 chart for the EURO and a follow up on the USDJPY which was posted last week.

The Euro has seen a steady (ish) uptrend since March this year. Having reached the 1.48 mark recently we saw a pullback at a previous resistance. Currently as the chart stands it appears to be doing a 123886. As with most chart patterns, it is difficult to confirm until after the event therefore the presence of confluences is crucial. I am not suggesting that you trade the 123 as it would be going against the trend. However, you may want to wait for the completion and if price resumes the trend a good opportunity may arise for entry.














The USDJPY has produced a large bullish candle on Friday. Price is now approaching resistance which it may hit and retreat or it may penetrate. I have also drawn in a further resistance should price break through the first layer. If price finds it difficult to break through given the trend down, an opportunity will be available to enter short again.














Good Trading!
Bijal Shah