Wednesday, June 4, 2014

EurYen Analysis and Outlook

Those that sold this pair in late April and early May and stay long enough should be dancing ( I wish I was one of them). A nice bearish move from Euryen.

Recently we are having a bullish correction push which could end at a major level for the bears to resume. Good and patient traders that are not in any position in this pair will be waiting. Yours sincerely is one of those people.

This pair, presently is trying to break the Resistance 140.00 and we can see some pins forming around there. 

I see the big picture at 141.00- 140.50 level. This level will complete a deep bat harmonic pattern and together with the strong bearish resistance trendline, we have a magnetic CONFLUENCE  area. 

We might not be able to know correctly where this reversal will be but we can predict possible levels, lay AMBUSH and act accordingly

I will wait for a bearish signal at this level and pull the trigger when I see something convincing enough. If this should happen and the bearish move resumes, then we can host a party of Euro and Yen pips and ride down , down and down........

Conversely, if price breaks the aformentioned level in high momentum, well the bull might take over and we can now re-analyse.

Please let me know if this blog has been helping someone by your comments  and you can also contact me if you need a trading partner,mentor or fund manager

Facebook- sanmi Adeagbo
twitter- Forexelyte
Phone no: (234)08134820569


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