How I'm Trading the EURUSD, USDJPY, and USDCAD This Week
Cory Mitchell, CMT
EURUSD is starting to form a range. I will be watching for consolidations near the prior swing highs and lows. Will trade a breakout of the consolidations in either direction, as the range could continue or the price could break out of the range.
USDJPY has a similar pattern playing out, except the price is moving higher in a channel. Consolidation-breakouts near the high or low of that channel are tradable in either direction.
USDCAD had a sharp reversal to the downside but is rallying is back. Based on the sharp decline, it's looking like we could try to move lower again, but if we get back to the former high and consolidate I would trade a consolidation-breakout in either direction.
To take full advantage of the big price swings we are seeing, check out How to Trade Forex in Volatile Conditions.
By Cory Mitchell, CMT. Join me in my free Facebook swing trading group.
Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using leverage.