As today is Sunday and it is the last day of the month, I'm preparing some analysis for the coming week ahead. Next week might be interesting where two high impact news which usually runs the market for a couple of hundred pips might be a start for September trade. High impact news should give us enough hints for us to get ready on where price is going.
In my euro charts here (see attached), I would probably be preparing for long entries because what we have here euro is currently consolidating at the LML on the daily chart. Price went trough the ML and goes down since mid of July after setting a new high record of all time at 1.6039. The Dollar have strenghtened since then and move as low as 1.4569 which means a down move of 1470pips and this could mean an oversold area has been reached.
Zooming down into 4hr we can see there a pitchfork pattern has already formed and price is being held by LML. If this holds until Thursday and goes up from here, then this could mean a long possible trade. Entry will be using 4HR MACD using Phillip's MACD system and is going to be applied there when full criteria has been met. Thanks again Phillip for your contribution who has helped many traders to understand the market further and answered many questions within the thread.
Last but not the least, my scenario is to get on long either on Thursday or Friday where Interest rate statements (Thursday) and NFP (Friday) will be announced, however, remember that anything can happen in the Forex Market. Not all analysis can be correct. For instance, a news is forecasted to be positive but as soon as the news is released, the actual data gives out negative and market goes far against our favor taking technical analysis into a failure. This is where Stoploss will play it's role ;) Good luck Traders.
Mairza
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