EURUSD Forecast and Trade Setup 20th March, 2014

EURUSD Forecast and Trade Setup 20th March, 2014

H4 Chart

Looking for a bounce here from this falling knife ... as usual

• Broken ascending chanel

• Potential price to stall at the highlighted level / light blue level (1.375 approx)

• Overlapping Fib, + potential harmonic pattern completion

• US Dollar index is also close to my resistance

Cheers

Risk Level Medium to High - catching a falling knife

Tips -

Always take note of any economical news event on our provided calender below

GBPNZD Forecast and Trade Setup for 20th March, 2014

GBPNZD Forecast and Trade Setup for 20th March, 2014

Hourly Chart

Both charts is H1, (One with Pattern drawn in one without)

• We are trading into resistance, and with Price action performing minor pin bars, I was not too convinced to take a short due to the recent bullish momentum
• And the fact that price has been sitting around this area, is not appealing to me for a short

• I'd be more intended to short it at the confluence of the 78.6fib and 161.8fib ext and a trend line which also can be a bat pattern
• Stochs will also diverge if so

Outlook Trade opportunity

Short at 78.6

Risk Level Medium

Tips -

Always take note of any economical news event on our provided calender below