Last week, we commented about Grexit Euro trading opportunities, as we longed EURUSD to short it. We could say it was a profitable week with 600+ pips profit in total. Meanwhile, the below are the trading opportunities for the first week of March.
27 February, AtoZForex – we made more than 600 pips with less than 5 orders last week (see the video). Just amazing! So, what are we going to trade this week? What will be the most significant Forex Trading Opportunities? These are the questions, I’ve tried to find an answer to in today’s Grexit Euro trading opportunities video analysis.
Volatility in Grexit commentaries
I will be following the Grexit related commentaries in line with Greece’s next batch of loan. Meanwhile, the key in the next Greek loan is that it comes without extra austerity measures. The key point here is that, each time there is a new IMF/EU loan to Greece the country gets to get a new government. Thus, it is a matter of when, the current Tsipras administration will be leaving the office.
On the other hand, the biggest economy in Europe, – Germany is having an internal turmoil. German Chancellor Merkel supports Greece to remain as a part of the EU, meanwhile the German Finance Minister is doing all he can to push the Greek out of the EU. (for us it is a volatility opportunity)
From technical perspective, 1.0500 still remains as a strong support, while we can expect the pair to test the 20 day SMA. Thus, buy opportunities remain preferable from 1.0550 level towards 1.0650 level initially. Basically I am looking for this entry:
EURUSD Long (BUY Limit) @ 1.0550, SL@ 1.0490, TP1@ 1.0650, TP2@ 1.0880 (close the position here and look for another long position as the following)
EURUSD Long (BUY only after the first order is closed) @ 1.0585, SL@ 1.0550, TP1@ 1.0700, TP2@ 1.1145 (close the position here and look for another long position likely from 1.0870)
USDJPY wedge trading
After last week’s wedge breakout I am expecting USDJPY to go into a short term correction wave. Once again, this is a correction wave, not a reversal level.
USDCAD fake breakout
As expected USDCAD movement on Friday was a fake breakout. We could also call it stop hunting.
From that perspective we should be expecting bullish opportunities. Our bullish orders are also supported by our daily “SWORD Candle” as well. Thus, the next target for us remains towards 1.3160 level. Let’s not forget the daily price action here which suggests even further possible bullish opportunities. However such bullish development should be expected to be limited at 1.3270 level.