EUR-USD

This week hourly charts suggest an attempt of testing upper channel resistance around 1.4725-1.4740. Resistance at that level should push price lower to 1.4620 or 1.4570. Breaking below those levels would inspire new lows, however, if it holds, we should see a corrective upward recovery to 23.6 Fibonacci level (1.4913).

Trading signals:
Buy around 1.4625,
Take profit at 1.4890,
Place stop below 1.4460.

GBP-USD

The pair is extremely oversold. This week expecting minor correction to 1.8315-25; where 23.6 Fibonacci retracement level meets the most recent upswing. If breached, price may travel to 1.8350-60. Later new lows are expected.

Trading signals:
Preferred position – staying out.
Otherwise, Sell around 1.8340-60,
Let it run.
Place stop above 1.8360.

Truly yours,
Practical Trader

This section is currently closed due to changing the concept of delivering daily news.

Now daily market comments can be found at http://forex-trading-signals.net/ 

On my website, I’ll continue analysing the market, but I’ll do it on a weekly basis.

Also collection of resources “Forex Education Video” will be running as well.

Truly yours,

Practical Trader

Long vacation is over - time to get back to work.
As many of our regular visitors have noticed, I’ve switched from daily signals updates to weekly commentary. Why?
First of all, because weekly forecasts due to their nature of seeing bigger picture of the market are more accurate.
Secondly, I no longer need to wake up early every morning to analyse charts and prepare a good review, which is time demanding.

Two most watched pairs - EUR/USD and GBP/USD - will remain in weekly forecasts.
Additionally, I may comment on USD/JPY, USD/CHF, EUR/JPY, EUR/GBP, AUD/USD, USD/CAD and GBP/JPY.
For those pairs I would need to see your request in comments to my posts. Otherwise, why spend time, if no one will use the information afterward.

So, starting next Monday. Waiting for your comments and questions.
truly yours,
Practical Trader

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