In our Daily Trade Watch, we look at some high probability trade setups that we can trade throughout the day. Today, the focus is on the Forex markets with Euro and GBP weakness likely.
Bearish Opportunities for Dollar and Yen
We have analysed these markets and see strong potential for some Euro and British pound weakness. This is because we have seen some considerable strength coming into these markets over the last few weeks. However, this is mainly from structural lows. This means that they are simply pullbacks off these lows. For the time being anyway.
This can give us the opportunity for some bearish pullback trades in the EURUSD/GBPUSD markets. Interestingly enough, there are potential opportunities in the EURJPY/GBPJPY markets also. In each of these markets, we can look for breakouts below yesterday’s daily lows.
Gold
The other market to keep a close eye on is the Gold market once again. A breakout below yesterday’s low would give us a high probability opportunity to push the price of the yellow metal lower.
With this being the last day of the Summer markets, we look forward to returning to normal trading conditions over the course of next week.
Euro and GBP Weakness Likely – Full Analysis
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