Forex Chart – Mar 16, 2016: EURUSD, GBPUSD, CADCHF

EURUSD

Price on EURUSD formed a huge Daily Bullish Engulfing Bar last Thursday. This higher candle bar creates a possibility since the price broke an important level on daily time frame. The level that I’ve marked below is the level that I will watch carefully for an opportunity to take a trade. There might be a huge volatility on this pair since today the Fed will announce interest rate and economic projection.

EURUSD daily chart

EURUSDDaily-160316

EURUSD 4-hour chart

EURUSDH4-160316

GBPUSD

The GBPUSD is sitting on the important level in the daily time frame. It will be interesting to see what the price will form at that level. There are 2 possible scenarios that could emerge. Price hold and form a bullish signal, or price break below then we can wait for the price to retest the level again and go short.

GBPUSD daily chart

GBPUSDDaily-160316

GBPUSD 4-hour chart

GBPUSDH4-160316

CADCHF

There has been a massive sell-off last week on CADCHF, with price formed a huge Daily Bearish Engulfing Bar. I see this movement as an opportunity to hunt for long setup. If we look closely, the sell-off last week is straight to the important level on the daily time frame. This level has been respected several times in the past. If this level could hold, it would interesting to hunt for long setup. On the 4-hour chart below, I will wait if the price could forming the double-bottom and print a bullish signal.

CADCHF daily chart

CADCHFDaily-160316

CADCHF 4-hour chart

CADCHFH4-160316

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