To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=trading_forex&ad=l_yIsjhtcX8 The other side of the scenario is, again, that it breaks down underneath parity, underneath the 1.0000-level, and starts working its way back lower. Our first area of support would be the blue-shaded area right here right around 0.9970, 0.9960, or the next barrier of support obviously all the way down here at the very bottom of the chart. That is the orange-shaded area. So, again, one of two things is going to happen here. It’s going to bounce off, go up. Break through, go down. Positive news for the US, we bounce off. We go back up to the yellow zone. Negative news, we break through and go back lower. Again, we’re toying around with that moving average, which we have done for the past couple of months here. Really throughout much of 2017 so far we’ve been toying around with that moving average. Yesterday we saw a pretty decent sell off of the USD that has so far continued today earlier this week. We saw a good, positive move for the USD, so it’s been going in both direction so far this week. So, this is the area to consider. Again, positive news, we look for it to go higher. Negative news, we look for it to go lower. Right around the parity level is a significant area to look at. 1.0000. Yellow line right there in the middle of the chart. This candle is a bit concerning to go long because this indicates selling pressure. That one singular body with the long wick on top indicates bearish pressure, but now we’ve seen that continue down to the 1.0000 today. We’ll see if the sellers are exhausted or if they are going to get a boost from the news and send it back lower again. Let’s go ahead and take it down to the four-hour timeframe. And as we get down here, we don’t see yet any indication of buying pressure, but look how significant that parity level was back here. Resistance. Resistance. A significant blue candle, bullish candle right into the resistance. Bounced back down to the blue zone. Right back into the resistance. Right back down again. So, we know that this is a significant price barrier. It’s a psychological barrier. A significant price handle here. So, one of two things, again, is going to happen. It’s going to break through, go lower, or bounce off and go up. News will likely be the catalyst for what happens on this today. I think if you’re looking for a long opportunity, you’re there. You’re right into the opportunity to go long with limited risk. Again, we already know that the risk is a breakdown of the pink zone. So, if you get negative news for the US and it breaks the pink zone, you don’t want to stay in it. So, 20, 25, maybe 30-pip stop loss is maximum. All you really need here on the currency pair if you decide to go long from this area and if we get the positive news. https://www.youtube.com/watch?v=l_yIsjhtcX8 Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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