1) Forex Trading Signal For EURUSD
Forex Trend Analysis
4 Hourly Chart: Strong BullishAs a whole, the trend for this pair is pretty strong and is upward.
Forex Technical Analysis
Daily Chart
The MACD divergence that I have talked about last week is being invalidated this week as the MACD has made a higher high.
4 Hourly Chart
On this chart, you can see the formation of a head and shoulder pattern which is a reversal candlestick pattern. In addition, there is a MACD negative divergence forming on this chart as well.
Overall Forex Analysis
Although the MACD negative divergence is being invalidated, you should not have entered any trade yet as the price did not break below the major support and this is exactly what we should do as a discipline trader.
However the formation of a head and shoulder pattern is a sign of reversal and it is in confluence with the MACD negative divergence. However there is a neckline for this head and shoulder pattern which is at 1.43807. If the price manages to break below the level, you can go SHORT. The best entry will be for the price to break below it and then come back to retest the level.
2) Forex Trading Signal For GBPJPY
Forex Trend Analysis
As a whole, the trend for this pair is DOWN.
Forex Technical Analysis
4 Hourly Chart
The price is now approaching a major support which is the 200 EMA.
Hourly Chart
The price is currently moving within a trend channel and is also approaching its support.
Overall Forex Analysis
I will look to go SHORT for this pair but I will be cautious as the price is moving towards a major support.
Other
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