EURUSD finally with a trading signal. BTC drops after the bounce from the necklineThursday brings us nice movements on the most popular instruments on the market. Traders should be definitely happy that after a long time of waiting, they can finally open proper trading positions.
The first occasion is on the EURUSD, where the price broke the mid-term down trendline and the horizontal resistance. Now, we can expect a small pullback but in general, the sentiment is positive and in the next few weeks, we should see a further upswing.
Bitcoin is having quite the opposite situation. Here, buyers had a chance for a rise after the price formed the inverse head and shoulders pattern. Today, the price definitely bounced from that line, which indicates the bullish failure. The road towards the 2900 USD seems open.
The last one is the CADJPY, where we do have a proper buy signal after the V shape reversal and a false breakout below the neckline of the H&S pattern. With today’s drop, the risk to reward ratio of this trade is getting better, which creates a good occasion for the swing traders.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis