Europe
EUR/JPY - longIn the chart, there are 2 possible movements. As you can see, they are buy-positions. There are 2 resistances and 1 support. By studying the history of this pair, you can notice the high probability of the reversal of the trend, but we still need to wait for confirmation.
ridethepig | EURSEK ST Micro Flows 2020.12.06We are entering into short-term technical flows for the weekly closing range after Fed flows come to an end. The growing concerns over rising virus cases will skyrocket over this weekend, expecting a flooding of negative news from mainstream media which will put Western European countries back into the crosshairs.
For the technicals, SEK is trading at a very low value the 2020 macro range called at the end of last year. Jurisdictions are clearly defined on both sides with support located at 10.4x and no interest in chasing this move any higher than 10.6x resistance .
E100 reached the target and trends down, as predictedE100 reached the target forecasted in our post of May 31 and reversed, as predicted. It seems to have finished minute wave 2 up. If this is the case, minute wave 3 will be down and with strong momentum. The probable target for the end of minute wave iii should be below 2,500. If price crosses up 2,813, this analysis should be reviewed. FOLLOW SKYLINEPRO TO GET UPDATES.
E100 - near the end of the counter-trend rallyE100 is tracing the end stages of intermediate wave(2). When it finishes, the downtrend to new lows will follow. It already reached 50% of retracement of wave (1) but it could continue up to around 2,780 before reversing the trend. A move below 2,550 would increase the odds that the trend already reversed. FOLLOW SKYLINEPRO TO GET UPDATES.
FTSE MIB - tracing last leg of counter trend rallyFTSE MIB seems to be tracing intermediate wave (C ) up that will complete primary wave 2. Most probable target before the trend is reversed lyes in the range 20,350 - 21,200. A move below 17,600 would indicate the trend already reversed. FOLLOW SKYLINEPRO TO GET UPDATES.
EUR/USD - Euro Resilience - BuyIn addition to my previous post which was forecasting a test of 1.15000 and last years August 2019 resistance has demonstrated Euro residence on a risk off day with all major indices down (Airlines and Retail the dominant forces in the sell off).
On a basis of euro stimulus and 2nd wave outbreak in the US this could be seen to be a golden opportunity to test the 1.15000 mark. However, safe haven risk off trading could put the ball in the dollars hands.
Trade Idea:
I would be keen to see if EUR/USD can maintain the upper tier of 1.13000 level with placement of stop loss below the 1.13400 level which it has struck over the past 24 hours and managed to bounce up.
TP placed depending on stability above the 1.14000 at either 1.14400 or 1.15000.
IBC reached the range forecasted and turned down. New lows aheadIBC reached 7,992 and turned down as we forecasted in our post of May 31. The downtrend should reach new lows. In the current wave pattern we could see a counter-trend move up to around 7,650, before the downtrend continues. If price crosses up 8,019 this analysis should be reviewed. FOLLOW SKYLINEPRO TO GET UPDATES.
IBEX35 - final leg before trend to new lowsIBEX35 is tracing the final stages of intermediate wave 2. The most probable target range is between 7,800 and 8,450. After this intermediate wave 3 should bring down the index to new lows. If the index crosses down 6,850 the odds will indicate wave 3 has already began. FOLLOW SKYLINEPRO TO GET UPDATES.
Ugly price action in some of the most squeezed sectors in EuropeEverybody forced into chasing "junk" and showing bosses they had "deployed risk" - ugly price action in some of the most squeezed sectors in Europe, banks, autos, travel and leisure...all down 4-4.5%
SX7E turned right on the 100 day moving average.
BEL20 - reaching the end of counter trend rallyBEL20 is reaching the most probable target for wave 2 counter trend rally at 0.618 of retracement of wave 1. The wave count for wave C that will complete primary wave 2 is almost complete. The possible target is at 3,518 before the trend turns down in direction to new lows , but it does not need to arrive at this level to do so. For more confirmation, a move below 3199 would mean the odds are that the downturn is already occurring. FOLLOW SKYLINEPRO TO GET UPDATES.
BEFB - opportunity for more than 10% short-term gainsBEFB seems to have completed minor wave B and it is now tracing minor wave C up that will conclude wave (4). It is currently in the third wave of this move up. The most probable target before the trend turns down again is the range between 44.50 and 46.50. If price crosses down 38.30, this analysis should be revised. FOLLOW SKYLINEPRO TO GET UPDATES.
DAX - final stages of the counter-trend move upDAX seems to be tracing the end phase of a minor ABC pattern that should complete intermediate wave 2 up. The retracement is getting near the most probable 0.618 fibonacci level for waves 2. After this leg is completed, DAX should trend to new lows. Volume confirms the counter-trend correction as it has been declining while prices increasing. FOLLOW SKYLINEPRO TO GET UPDATES.
EUR/NZD - Long - Bearish Reversal I always like too think the charts don't lie and with the ECB meetings tomorrow all signs point upwards.
Although, despite short term success in this diverging channel for NZD that is largely due to the risk on tone across the markets.
The top tier 1.82000 resistance is a potential TP with both 100 & 200 day MA looking to diverge for potential change of direction to either side the ECB news could prove a 100+ pip winner by US session.
For you oscillator fans the RSI indicates its oversold but further risk on tone could see us move into range from the upside breakout earlier this year. The bearish reversal touching the bottom of the channel points to a test upside.
EUR - Long Placed - @1.1198The seventh straight day finishing in the green for the first time since 2013. If we maintain this run through tomorrow the next stop could be that 1.15000 providing no further negative risk off news.
just a note on yesterdays trade idea placement and risk needs to be strategic and in place by EU session too protect your account. The ECB meeting could contribute too two things.
1. The perceived easing and stimulus package has been priced in.
2. The market is looking to grab any positivity too further reduce dollar strength.
I am moving SL to breakeven as trader I always engage in risk. However, pips gained from early Monday I am not willing to bank on it. Account protection and risk reward always
USDCHF - tracing wave c of a triangle patternUSDCHF is tracing a triangle pattern that will complete wave B. It is now in wave c of the triangle that should not surpass 1.0248. If price crosses down 0.918 this analysis should be revised. FOLLOW SKYLINEPRO TO GET UPDATES.
EURUSD - reverting, trend to levels below 1.06EURUSD reached the target forecasted in out post of May 26, which is the end (or very near to) of minor wave 2. The next move after this completion should be down in direction to lower levels than 1.06. If the price crosses up 1.13 this analysis should be revised. FOLLOW SKYLINEPRO TO GET UPDATES.
EURUSD - last leg should move its price to around 1.124EURUSD is tracing minute wave c of minor 2. The most probable target should be around 1.124. After this the currency pair should continue its downtrend to new lows in minor wave 3. FOLLOW SKYLINEPRO TO GET UPDATES.
GBPUSD - tracing minute wave iii up - probable target at 1.40GBPUSD finished a long-term corrective wave "b" and it now entered the early stages of cycle wave "c" up. It its currently tracing minute wave iii. This scenario should elevate its price to a first target at 1.40 in up to 2 months. It it crosses down 1.207, this analysis should be revised. FOLLOW SKYLINEPRO TO GET UPDATES.
EUR/USD - EURO full steam ahead?A collaborative EU is a happy a Euro (Nobody likes a strong Dollar).
The attitude has been Risk On for most pairs against the dollar but the Euro has been the big winner.
The near term test is 1.12000 which it has briefly tested the European & Asian Session could see movement to Upper 1.12 level. However, Thursday and Friday big US news to keep an eye that could be priced in through tomorrow and early Thursday session (EU & Asian).
Trade Ideas:
Break 1.12000 could see run to 1.15000
Break of 1.100 would see break back into inverted Wedge (Possibly by month END).
