Dear traders,

Last time I wrote about EURUSD and it seems like the downfall is happening.

I am looking at the 1.0900 area as a potential target. There is a minor support level at 1.1000.

I will be looking at price action for a confirmation or rejection of this level.

Last week, I did a short trade on EURJPY.

I was stopped out in one of my small accounts, but my major account is still running a short trade on this pair.

There is a some chance that we might see EURJPY testing the 116.00 level.

I will see how long I will last in this trade, but price action will be the only indicator here.

As you can see there was a bearish engulfing pattern on the daily chart and when you zoom into the 4 Hour chart:

For the ones that have taken my Price Action course know exactly what I mean and how powerful these setups are.

DAX (Germany 30) Trading Analysis

Today, I am looking and wondering if we are going to see a major reversal here or it is a bit too early.

I believe this could be a major turning point and if by the end of the month we see price going down to 13300-13200, we might experience a major reversal.

This is based on:

  1. Major supply zone formed from January 2018
  2. Potential Monthly chart pin bar candlestick formation

If this green candle encircled above turns into a pin bar, this could be a major turning point.

I will wait and see how the market will open tomorrow and take it from there.

Happy Trading,

Colibri Trader