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Target Trading in the Forex week of 02/11/18

Note: USDX shows strength but may travel sideways for a while – should affect all USD pairs. ATR’s have stabilized.

$EURUSD

What ProAct Forex Target Traders See: Bearish: We are currently sitting @ 1.2231 in a 3rd wave and putting in a double top. We are now looking for a continuation of the wave down with the first targets the 0.618 Fibo @1.2154 and the S5/0.786 Fibo @ 1.2050 area. Watch for the 4th wave bounce there. The average daily true range (ATR) for the pair currently is 114 pips.

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$USDJPY

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AUDJPY wedge pattern

Currently we are @ 85.76 in a descending wedge pattern which is bearish for the pair. We are looking for a continuation to the Day bottom @ 84.36 and a bounce there. The average daily true range (ATR) for the pair currently is 90 pips.

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EURAUD head and shoulders

Currently we are @ 1.5688 in the start of a nice channel after a heads and shoulders reversal pattern. We are looking for either a continuation to the 0.382 Fibo @ 1.5594 with the next target the 0.500 Fibo @ 1.5530. The average daily true range (ATR) for the pair currently is 122 pips.

 

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EURUSD continuation

Currently we are @ 1.2336 in a nice channel. We are looking for either a short retrace or a flag pattern before a continuation to the 1.618 Fibo @ 1.2272 with the next target the 2.270 Fibo @ 1.2190. The average daily true range (ATR) for the pair currently is 111 pips.

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Target Trading in the Forex week of 02/04/18$

Note: USDX shows strength but may travel sideways for a while – should affect all USD pairs. ATR’s have stabilized.

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.2452 after finishing a 5th wave and putting in a double top. We are now looking for 5 waves down with the first targets the 0.500 Fibo @1.2227 and the 0.618 Fibo @ 1.2154. We may have put in wave 2 with this last up move still early in the move to call. The average daily true range (ATR) for the pair currently is 99 pips.

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$USDJPY

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EURGBP Bounce

Currently we are @ 0.8756 after the bounce which is bullish. We are looking for a continuation to the 0.500 Fibo @ 0.8808 with the next target the 0.382 Fibo @ 0.8836. The average daily true range (ATR) for the pair currently is 63 pips.

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USDCAD flag break

Currently we are @ 1.2266 after the break of the flag pattern which is bearish. We are looking for a continuation to the 1.618 Fibo @ 1.2167with the next target the 2.270 Fibo @ 1.2032. The average daily true range (ATR) for the pair currently is 97 pips.

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GBPUSD 5th wave

Currently we are @ 1.4144 after the 4th wave correction and bounce. We are looking for a 5th wave continuation to the R$ @ 1.4213 with the next target the double top @ 1.4345. The average daily true range (ATR) for the pair currently is 146 pips.

 

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EURAUD Breakout

Currently we are @ 1.5295 after breaking out of the wedge.  We are looking for a break down to the .786 Fibo @ 1.5241 with the next target the square up @ 1.5200. The average daily true range (ATR) for the pair currently is 85 pips.

 

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