The EUR/USD pair looks to have resumed its larger trend lower towards parity levels. Please note that the said targets are expected to be hit in a few weeks from now, so kindly plan your trade time frames accordingly. The short-term trade setups have been highlighted above on the 1H charts. According to the above wave structure, a short-term or intraday rally can be expected in EUR/USD towards 1.0680, before the pair again turns bearish. The trade strategy for now remains selling on rallies through the above defined levels, targeting lower towards 1.0570 and 1.0490 respectively. Furthermore, please kindly note that these are short-term trade setups expected to materialize in a few trading sessions, while the medium-term setup remains intact towards 1.0300 and 1.0000 levels respectively. Immediate resistance is seen at 1.0715 levels, while support is at 1.0526 levels respectively.
Please remain short for now and look to add further at 1.0680 levels, stop at 1.0850, targeting lower.
USD/JPY chart setups:
The hourly chart setups have been depicted here for a more closer look of short-term setups. Please note that the pair has been following its support trend line since 111.70 levels. It is seen to have breached slightly but has been well supportive of the new channel line support as depicted here. The above structure keeps the short-term trend intact pointing north towards 116.00/117.00 levels at least. Only a break below 114.40 levels would delay matters further for a potential rally ahead. Furthermore, please also note that the pair needs to break above 115.60 levels to nullify the potential bearish triangle effect (not shown here). Please watch out for 114.30 for intermediary support (fibonacci 0.618). A short-term trading strategy would be to buy on dips around 114.30. Immediate meaningful support is at 113.50/60 levels, while resistance is seen at 115.60 respectively.
Remain long for now, stop at 113.40/50, target 117.00 at least.
The economic calendar is light today but tomorrow it is packed with some first-tier news from the eurozone and the US. The election in the Netherlands is due on March 15. A batch of USD data along with a FED rate decision tomorrow is going to set the tone for the next several weeks for these two pairs.
The material has been provided by InstaForex Company – www.instaforex.com