Sunday Watch List: EUR/USD, AUD/USD, GERMANY30
by: Colibri Trader
I had a very good trading week. The EUR/USD trade did perform as expected and I have gained some pips. Today, I have compiled a list of three instruments that seem most ripe for a move. Here it is…
EUR/USD seems like is gaining some momentum. On Friday it took a small dip before jumping back to 1.1233. It was a great reversal day that left us with a daily pin bar like candle. The price bounced off from the nearest support level at 1.1150 to reach the high for the day. I will be looking to add to this trade from last week if I see a drop in price to 1.2200. My stop would be placed just under 1.1180
Similar is the situation with AUD/USD. The price reached down to 0.7600 and then bounced back off from this support level forming a pin bar candle. The sellers were hesitant to hold it under this level and buyers did push it back to the current level at 0.7655. I will be looking for a small retracement before getting into a long position.
The Friday session was a great session for swing traders. For the ones amongst you that were looking for a long support bounce trade, that was the best opportunity. Now, there is a bullish engulfing pattern on the daily time frame and if you are willing to go in a long trade- it might be a bit late, but price is definitely confirming the bullishness of this scenario. I will probably wait a bit for a small correction before committing to a long trade. You should also be careful, because the risk-reward of this trade will be around 1:1, so maybe not the best trade.
Happy Trading and have a great trading week!
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