Week of October 16 – October 20, 2017

A COUPLE OF THIS WEEK'S PROJECTIONS:

EURUSD:  LONG

This pair moved long last week as we expected.  It moved about +210 for the week, with some correction on Friday with price pushing back to the 800 EMA.  Since EURUSD is sitting about 150 pips from the previous LOW (anchor), the best probable setup would see EURUSD open the week in [Consolidation], give a stop hunt or false move to the 200 EMA, possible extending past the 200 EMA for a while before eventually turning around and continuing to move long.  Watch for the bounce off of the 200 EMA, EURUSD pushing long, re-testing the previous HOW (high of the week) and then further continuing the trend run long.

GBPUSD:  LONG

The initial trend long started back on October 05 with this pair having finished the short trend dropping over 620 pips from the previous anchor.  This pair then started to turn around, pushing long most of the days last week, finishing the week at about 250 pips long.  GBPUSD is setting up nicely to continue the trend to the long side as the weekly structure is not entirely completed yet.  Look for GBPUSD to open in [Consolidation], push short to either the 50, 200 and or 800 EMA, work the area and then push long.

About the Author:

Leave A Comment