EURUSD-Weekly Market Analysis-Jan21,Wk1

2 thg 1, 2021

Last week I've shared with you the sideway consolidation expansion and the details that you need to look out to engage the trade. Trade1 would give your 39pips of profit which is 390USD/lot traded. Trade2 would give you 49pips with just the 1st target which translate to 490USD/lot traded.

The entire move to the maximum potential from trade2 gives you 112pips of profit alone, and that's 1,120USD/lot traded. Without trade and sizing management, that would give you a 200pips run in total, which is 2,000USD/lot, that I believe a lot of us would like to have that addition. What had passed has passed, there's no point in looking back, what's important is to leverage on our past experience and lookout for the next potential trade.

The consolidation zone(marked black box) is the zone that most traders are looking for a counter-trend trade(buying from a falling situation). However, I'm not that certain it will happen, my personal take is it will break and close below the consolidation zone and have a really strong bullish engulfing candle that closes above the consolidation zone.

At this moment, what's more important is to wait for candle confirmation before we can plan for our next move after Brexit.