Trading Room: European Session

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MuhammadAzeem

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USD/CAD Up trend in 4 hours chart

Trend is bullish in USD/CAD currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is rising up on a short term basis to print bearish corrective leg - Wave X and traders should look for a buy trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has moved up. Strong key support level is present at 1.2460 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in USD/CAD is printing a possible bullish Double Zig Zag Elliott wave pattern and market is most likely going to rise more towards 1.3250 price level, in coming trading days.

Currently; Double Zig Zag pattern looks in-complete and price action offers a possible buy trade setup at Wave X location to join an up trend to ride bullish Wave Y. However; if price of USD/CAD currency pair breaks below 1.2460 critical support area then I might like to stay out of the market and re-examine the 4 hour chart of USD/CAD currency pair.

See the attached screen shot image of USD/CAD 4 hours chart.
 

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MuhammadAzeem

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Hello

This is an updated about USD/CAD 4 hours chart buy trade setup

Trend is bullish in USD/CAD currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is falling down on a short term basis to print bearish corrective Zig Zag pattern, Wave X and traders should look for a sell trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has dropped. Strong key support level is present at 1.2771 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in USD/CAD is printing a possible bullish Double Zig Zag Elliott wave pattern and market is most likely going to rise more towards 1.3250 price level, in coming trading days.

Currently; Double Zig Zag pattern looks in-complete and price action offers a possible buy trade setup at Wave X location to join an up trend to ride bullish Wave Y. However; if price of USD/CAD currency pair breaks below 1.2771 critical support area then I might like to stay out of the market and re-examine the 4 hour chart of USD/CAD currency pair.

See the attached screen shot image of USD/CAD 4 hours chart.
 

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MuhammadAzeem

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Hello Traders

This is an updated about EUR/USD 4 hour chart sell trade setup

Trend is bearish in EUR/USD currency pair, four hour time frame. As I have suggested, yesterday during my daily Live trading room session, market is rising up on a short term basis to print bullish corrective Zig Zag pattern, Wave ii and traders should look for a buy trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has climbed up. Strong key resistance level is present at 1.1415 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in EUR/USD is printing a possible bullish Single Zig Zag Elliott wave pattern and market is most likely going to drop after that towards 1.1110 price level, in coming trading days.

Currently; Single Zig Zag pattern looks in-complete and price action is probably going to move up more. Next, we have a possible sell trade setup at Wave ii location to join the down trend to ride bearish Wave iii. However; if price of EUR/USD currency pair breaks above 1.1110 critical resistance area then I might like to stay out of the market and re-examine the 4 hour chart of EUR/USD currency pair.

See the attached screen shot image of EUR/USD 4 hour chart.
 

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MuhammadAzeem

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EUR/JPY - Sell setup in 4 hour time frame

Hello Traders

This is an updated about EUR/JPY 4 hour chart sell trade setup.

Trend is bearish in four hours chart. Critical resistance is present at 120.81 price level.
The price of EUR/JPY currency pair has moved up and it looks like we are getting a bullish
Zig Zag Corrective Elliott wave pattern at Wave iv location.

The trend is still down and it is a good idea to look for a sell trade and join the down trend.
However; if market close a bullish candlestick above 120.81 resistance area then bearish
trend will end. In such case, I will stop myself from trading and re-analyze the price chart
of EUR/JPY currency pair.


See the attached screen shot image of EUR/JPY 4 hour chart.
 

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MuhammadAzeem

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USD/CHF Buy Trade Setup in 4 hours chart

Hello Traders

This is an update about USD/CHF 4 hour chart buy trade setup.

Trend is bullish in USD/CHF currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is rising up on a short term basis to print bullish Double Zig Zag corrective pattern and traders should look for a long trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has ascended. Strong key support level is present at 0.9443 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in USD/CHF is going to print a possible bearish pull back and then resume an up trend to print bullish Wave Y Elliott wave pattern. Market is most likely going to move towards 1.0085 price level, in coming trading days.

Currently; Double Zig Zag pattern looks in-complete and price action offers a possible buy trade setup to join an up down trend. However; if price of USD/CHF currency pair breaks below 0.9443 critical support area then I might like to stay out of the market and re-examine the 4 hour chart of USD/CHF currency pair.

See the attached screen shot image of USD/CHF 4 hour chart
 

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MuhammadAzeem

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Buy Trade Setup in USD/CHF 4 Hours chart

Hello Traders

This is an update about USD/CHF 4 hour chart buy trade setup.

Trend is bullish in four hours time frame. Important support is present at 0.9520 price level. In my judgement, price is most likely going to drop now towards 0.9630 price level to print bearish Wave b. Wave b is going be a Flat or Triangle pattern. So, wait a bearish pull back and then look for a buy trade to join an up trend. However; if price action closes a bearish candlestick below 0.9520 support level then up trend will fail. In such case, I will stay out of the market and redo the 4 hours chart analysis of USD/CHF currency pair.

See the attached screen shot image of USD/CHF 4 hour chart
 
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MuhammadAzeem

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AUD/USD - Bullish Triangle Buy trade setup in 4 hours

Hello Traders

This is an update about AUD/USD 4 hours chart buy trade setup.

Trend is bullish in four hours chart. Important key support level is present at 0.7284 price level. In past few trading days, price is trying to print a possible Bullish Running Triangle pattern. Now, I expect price to rise up to print bullish Wave d. We could buy now or wait for the market to first print all the Triangle legs. However; if a bearish candlestick closes below 0.7284 critical support level then I will stop myself from trading and re-analyze the price action of AUD/USD currency pair.

See the attached screen shot image of AUD/USD 4 hour chart
 

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MuhammadAzeem

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EUR/USD 4 hours sell trade setup

Hello Traders

This is an update about EUR/USD 4 hours chart sell trade setup.

Trend is bearish in 4 hours time frame. Key resistance is present at 1.1426 price level. In last few trading days, EUR/USD currency pair is sliding down but in a corrective wave fashion. I do expect a more bearish price action in coming trading days. The trend is still down and we should only look for short trades. However; a bullish break out in market action above 1.1426 price level will fail bearish outlook and in such case; I would prefer to stay out of the market and re-analyze price action in EUR/USD 4 hours chart.

See the attached screen shot image of EUR/USD 4 hour chart

 

MuhammadAzeem

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Hello Traders

This is an update about EUR/USD Daily chart sell trade setup.

Trend is bearish in EUR/USD currency pair, daily time frame. As I have suggested past week during my daily Live trading room session, market is falling down on a short term basis to complete bearish d leg which is part of a larger version of a Bearish Symmetrical Triangle Pattern and traders should look for a short trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has descended. Strong key resistance level is present at 1.1615 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in EUR/USD is going to drop more towards 1.0650 price level to complete bearish Wave d, in coming trading days.

Currently; Wave d pattern looks in-complete and price action offers a possible sell trade setup to join the down trend. However; if price of EUR/USD currency pair breaks above 1.1615 critical resistance level then I might like to stay out of the market and re-examine the Daily chart of EUR/USD currency pair.

See the attached screen shot image of EUR/USD Daily chart.
 

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MuhammadAzeem

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USD/JPY 4 hours buy trade setup

Hello Traders

This is an update about USD/JPY 4 hours chart Buy trade setup.

Trend is bullish in 4 hours time frame. Vital support is present at 103.24 price level. In last few trading days, price action in USD/JPY currency pair has moved up. It is possible that price has printed a possible bullish Impulse Wave pattern which looks in-complete. Current Elliott wave count suggests to take a long trade and join an up trend at Wave 4 location.

However; price should stay above 103.24 support level or bullish Elliott wave count will become in-valid. In such case, I will stay out of the market and re-analyze the price action in 4 hours chart of USD/JPY currency pair.

See the attached screen shot image of USD/JPY 4 hours chart.
 

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