This is what I see in the Forex the week of July 19th , 2020: USDX, EU,UJ,GU,AU

Note: USDX: BULLISH: MACD has convergence for a continued MOVE UP. We are looking for an a-b-c continuation to the 0.500 Fibo for a possible reversal point. The USD pairs should prove it out when the market opens. All of this could change in a heartbeat and will affect the currencies below. ATR’s are slightly higher than last week and are rising due to the USDX. BE SMART - TRADE WITH STOPS!!!! http://proacttraders.com/blog - see website for more images

$EURUSD

What ProAct Traders See: Bearish: We are currently @ 1.1178 after a 3rd wave. We have convergence for the downside move on the 60-minute chart. We are looking for an a-b-c continuation to the 0.500 Fibo @ 1.1538 for a possible reversal point. Watch the USDX for direction. The ATR for the pair currently is 88 pips. Note: I used the 360-minute chart to try and get enough candles to see it.

Posted to Introduction to Forex Targe… on Jul 31, 2020 — 6:07 PM
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Great weekly analysis, very useful and educational.
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