3 October, 2016
We have a couple of options when it comes to Euro. Firstly, if that single currency start rising to the 1.1455 (bullish trap) level, then we should start selling the pair hard. Let’s wait for the candlestick patterns to form as a stop loss will have to be put too far beyond the level 1.1616, if a limit order has been set:
Let’s buy euro away from ascending channel and the broken weekly channel, which I have partially marked by the green line:
Buy Limit 1.1090, Stop Loss 1.1030, Take Profit 1.1450.
As for the British currency, again we have approached the 3rd point of ascending channel forming dojis:
The rate is forming a potential second shoulder of the inverse head and shoulders pattern on the 4-hour chart.Therefore we have to go with the old gentleman again:
Buy 1.2973, Stop Loss 1.2905, Take Profit 1.3175.
As for the Canadian currency, we plan on selling the pair away from the 1.3235 level, which repeatedly resisted the pair and formed a bullish trap:
Sell Limit 1.3235, Stop Loss 1.3295, Take Profit 1.3020.
The Greenback has certainly taken all chances to become an outsider on the Forex market this week...
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When it comes to the EUR/USD pair, then we have a descending channel on the weekly chart...