EUR/USD weekly market outlook and analysis for 08-12 October, 2018. Trading forecast
Oh boy, what a boring NFP it was – the most boring I have ever seen in my life… 🙂 But it was expected. In my previous EUR/USD analysis and market outlook I mentioned that market was waiting to see a bit negative numbers and it’s result should be small jerk reaction. That what actually happened last Friday.
What to wait next in USD, EUR and GOLD markets? At beginning of the week I expect to see more consolidation and possibly slow drifting down of USD. But nothing special till CPI and PPI will be released. Taking into account high oil prices, we should expect positive data and as result renewal of USD uptrend.
This correlation should bring Gold market to 1190 – 1180 level. So, looking for price rejections in this market is priority for me. At least untill fundamentals will change.
Now lets have a look at EUR/USD charts.
I want to point out two ABC structures I expect to see. Bigger structure has B at 1.1690 and C at 1.1400 and can be used by short term traders. Smaller structure – a at 1.1620, b at 1.1520 and c at 1.1690. Intraday traders can use it. Sure, these numbers are only forecast and we should wait for price action confirmation and trade accordingly. So, our entries, take profits and stops can be a bit lower or higher than mentioned levels. Any way I always keep my trading signals subscribers updated about all changes in the market.
On daily chart I see possibility of Gartley pattern.
Well, it’s too early to say, but if it gets confirmed, we will have nice impulsive wave from 1.1350 to 1.1900. This kind of moves is always good, as targets are reached very fast and pyramiding strategy can be used to increase potential gains. I like to use it on managed accounts and on my own.
But we need few weeks to see if pattern will be completed or not. Any way as you see from bigger time frames we are still in consolidation zone. Means 1.1900 – 1.2000 will be profit booking level.
Wish you all profitable week!