Last time I wrote about EURUSD and it seems like the downfall is happening.
I am looking at the 1.0900 area as a potential target. There is a minor support level at 1.1000.
I will be looking at price action for a confirmation or rejection of this level.
Last week, I did a short trade on EURJPY.
I was stopped out in one of my small accounts, but my major account is still running a short trade on this pair.
There is a some chance that we might see EURJPY testing the 116.00 level.
I will see how long I will last in this trade, but price action will be the only indicator here.
As you can see there was a bearish engulfing pattern on the daily chart and when you zoom into the 4 Hour chart:
For the ones that have taken my Price Action course know exactly what I mean and how powerful these setups are.
DAX (Germany 30) Trading Analysis
Today, I am looking and wondering if we are going to see a major reversal here or it is a bit too early.
I believe this could be a major turning point and if by the end of the month we see price going down to 13300-13200, we might experience a major reversal.
This is based on:
- Major supply zone formed from January 2018
- Potential Monthly chart pin bar candlestick formation
If this green candle encircled above turns into a pin bar, this could be a major turning point.
I will wait and see how the market will open tomorrow and take it from there.