Traders Live

EUR/USD:

Update 20 October: We have broken below the weekly reversal level after a valiant attempt to hold above it yesterday. This means that
technically, we should stand aside from the euro for the remainder of this week. However, the “bully” reversal during the Asian session
last night means we may yet see another rally (we are already back above the weekly reversal level. Watch and wait for last chance
opportunities to BUY whilst around the current levels.

Summary: Buy dips to 1.3730/3700 after signs of reversal.

GBP/USD:

Update 20 October: The pound has dropped below the weekly reversal level and remains trapped below it thus far, despite signs of reversal at the key 1.5700 Fibonacci level (note the “bully” pattern. Like the euro, we shall have to see if this is a real weekly reversal or if we are going to get a strong rally back into the up-trend. Watch and wait for

Weekly Trend direction: Bullish
Weekly trend reversal level: 1.3775
Key G7 support levels: 1.3855, 1.3775
Counter-trend and scalping opportunities:

Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.

Today’s trade suggestion: A difficult trading month to date, with no trend direction trades available, despite the rally in the euro and the general demise of the US dollar against a variety of currencies. It’s interesting to note that some currencies are at (or close to) record highs vs. the US dollar (Aussie and JPY) This week, the trend remains bullish whilst above 1.3775, with the only key support just above at 1.3855 (the 78.6% Fibonacci
retracement level) We shall have to see what happens here in the next few hours, with a potential buy signal developing. Otherwise, we’ll see what happens if/when we reach the 1.3775 level. Note that daily and weekly candles have turned

Regards

Chris

Here is the third in our series of Froex Candles exp0linatiop

Regards

Chris

Regards

Chris

Traders-Live

Here is thesecond of a series of 6 videos explaining how candles work

I hope this helps

Regards

Chris

Here is the first of a series of 6 videos explaining how candles work

I hope this helps

Regards

Chris
Traders-Live