EURUSD
Market Trend
The market is in the sideways trend in the daily chart. The top of the sideways trend is around 1.10000 and the bottom is around 1.07000. The market stays in this box since the beginning of April 2020.
In the four hour chart, the market tested the resistance level around 1.09900 and then go down. The new low point is around 1.09040.
Trading Plan
I traded this bearish bat pattern last week and it already hit my TP1. This bat pattern provides a potential reversal level from 1.09900 to 1.09700. For the traders who didn’t join this trade, I prefer you to enter this sell orders when the market tests the reversal level again.
Trade Ideas
Sell Limit: 1.09900
SL: 1.10360 (-46)
TP1: 1.09040 (+86) 1.87:1
TP2: 1.08510 (+139) 3.02:1
GBPUSD
Market Trend
The market breaks below support level 1.22060, which means the downtrend is starting. The market now back to 1.22060, If traders want to short the market, make sure you get confirmation signals before you open orders.
In the four hours chart, the market is following the bearish channel. Now the price is near the top of the channel, it is a good position to short the market.
Trading Plan
A bullish bat pattern is spotted in one hour chart, it provides a potential reversal level from 1.21060 to 1.21000. It is a counter-trend trades. I will trade this signal if the market respects the support level which is around 1.21000.
Trade Idea
Buy Limit: 1.21000
SL: 1.20540 (-46)
TP1: 1.21750 (+75) 1.63:1
TP2: 1.22210 (+121) 2.63:1
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