Trading Prepare For EUR/USD and US Dollar Index for February 02, 2018 888011000 110888 Technical outlook: The EUR/USD set appears to be preparing for a corrective drop to 1.2220 levels to end wave 4 within the Fifth wave on one bigger degree. The pair has actually been in an increase because January 2017 and is now into its final leg, prior to giving in entirely to bears again. High likely wave count from here looks to be lower very first then a rally to test 1.2600 levels and complete 5 waves impulse. Interim assistance is available in at 1.2170 levels for now, while resistance is seen at 1.2537 levels respectively. If the correction is taking shape of a standard flat, prices need to stay listed below 1.2537 levels moving forward.In case of an expanded flat, another high would be printed prior to dropping lower again.Trading strategy: Look to stay short onintraday rallies with danger at 1.2537 levels for now.US Dollar Index chart setups: Technical outlook: The US Dollar Index is trading lower at the moment( 88.70/ 75), but need to preferably remain above 88.45 levels if it were to produce a basic flat correction. The index seems to be into its last leg drop, wave 5, of the impulse that began in January 2017. At the minute the index is planning to produce a counter-trend rally to 91.00 levels, and end into wave 4 before dropping lower again. Interim assistance is seen at 88.40 levels, while resistance is seen at 91.00 levels respectively. Taking a look at the bigger photo and wave counts as illustrated here, there need to be another drop after 91.00 levels, to end 5th of Fifth wave and resume a meaningful rally to 95.00 and 98.00 levels respectively.Trading plan: Want to remainlong and buy ondips, with threat at 88.40 levels.Fundamental outlook: Keep an eye out for the USD NFP at 0830 AM EST today.Good luck!The product has been offered byInstaForex Company

By | February 2, 2018

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