Weekly trading plans: EUR/USD and SPX500 [Video]

Juan Maldonado Elliott Wave Street

Elliott Wave is the best tool to analyze the markets and find high probability trading setups. Once we find the wave count, the next step is to validate the cycles we are seeing. Here is where technical analysis jumps in. We can use any tool such as trend lines, moving average system, price action, etc. To trigger the trade.

With Elliott Wave, the risk and targets are defined. This week we are looking for a leg down on the SPX500 and the EUR/USD. Once we have a new low, the waves tell a buying setup will show up.

Author

Juan Maldonado

Elliott Wave Street

Juan Maldonado has a University degree in Finance, and Foreign trade started his trading career in 2008. Since 2010 has been analyzing the markets using Elliott Wave with different strategies to spot high probability trades.

EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.