Hello Traders and welcome to this week's Sunday Market Review. This time we will look at the:
- EUR/CAD - 4 hourly
- GBP/USD - hourly
- EUR/SEK - hourly
EUR/CAD - 4 hourly
As you can see, we have a nice Channel breakout on the EUR/CAD - 4 hourly. I expect some bearish momentum for the next few days and going short on the lower timefrimes is definitely a good idea. I've drawn useful S&R zones to determine good areas for entry, SL and TP.
Price will most likely test to LOW of the Channel, before reversing.
GBP/USD - hourly
In this chart, we see a clean bearish head&shoulder pattern on the Cable (GBP/USD). Price now broke below the neckline of the pattern and our bias is definitely bearish. To wait for a pullback into the neckline resistance before entering short sounds like a good idea.
EUR/SEK - hourly
EUR/SEK has been ranging for some while now. Recently it broke outside of the range on the lower side. However, price is now consolidating below the S&R zone and we should wait for further confirmation to go short.
Here, we see the minor consolidation on the 15-minute timeframe. This rectangle pattern is not as clean due to the fake-outs. However, going short on the break of this range to the downside might be good idea as we use the momentum of a higher timeframe and align it with momentum on the lower timeframe.
This is it for this week's Sunday Market Review.
I wish you lots of successful trades.
Khac Tu Nguyen,
Support at FTMO.com