Forex Analysis Video with Future Predictions EURUSD and USDJPY Week Feb 28th
Today we will be looking at the EURUSD and USDJPY forex exchange markets. Both markets are dollar pairs as we look at how strong the US dollar really is. We will see now that Trump has become president and is acting out his foreign trade policies that he campaigned on. You at least got to give Trump credit, he is definitely getting busy and keeping his campaign promises.
Forex Analysis on EURUSD this week, the Euro has been in a downtrend for the past year. We have been expect a pullback up to $1.07 over the Christmas season. We finally got it and a little bit more. If you recall from our previous outlooks (check them out!) we have been looking for this downtrend pullback and it has now happened. The only question is how fast will the Euro retest last year’s low? Personally, I hope it does it quickly as markets tend to drop a lot faster than they rise. Price has bounced out of the daily supply zone at $1.0623-$1.0873 and is now pushing down to the bottom daily demand zone at $1.0470. However as of the time of this writing price is in between these levels right now. I would like to see this downtrend continue and make new lows this year however only time will tell. Bottom Line is that price did exactly what we thought it would do. The pullback was just a touch higher than expected but seems to be firmly intact. There is over a 400 pip move from the top of the retracement to last years low which gives all traders space to get into this market. The question is, did you take our advice?
Forex Analysis on USDJPY this week, Price retesting recent lows and I’m looking for price to stay above $110. If for some reason price breaks $110 then I’m going to be looking at the weekly demand zones below. Overall, Price has been in an uptrend since the U.S. elections and has punched into $117 with force. We have been expecting a wave down (retrace) into the $112-111 daily demand zone. Hey.. look at that…. thats where price is! Price then need to rally and really see how strong the weekly supply zone at $117 is. Overall, We are in an uptrend. Price is finding the bottom the pullback leg right now and we just have to wait to get in long if you are not already in. This could also be a good area to average in if that is in your trade plan.
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