MarketBreakdown | EURUSD, USDJPY, EURJPY, SILVER (XAGUSD)

5 Nov 2021

Hey traders,
here is a brief technical outlook of 4 peculiar instruments in my watch list.

1️⃣ EURUSD - Daily time frame 🇪🇺🇺🇸

Important decision is ahead!
The price touched a year's low yesterday.
1.1523 - 1.153 is a major support level.

In case of its bearish breakout a further decline will be expected.
Consider a breakout trade for shorting.

For buying, wait for a confirmation on a lower time frame to catch a pullback.
F.ex watch a double bottom formation on hourly.

2️⃣ USDJPY - Daily time frame 🇺🇸🇯🇵

The market has recently reached a key weekly resistance level.
On that I see bearish accumulation signs:
the price set multiple lower highs respecting the same lows.
It looks like the pair is forming a descending triangle formation.
Wait for its support breakout as a signal to short.

3️⃣ EURJPY - 3 days time frame 🇪🇺🇯🇵

The pair is steadily falling.
Ahead is a strong support cluster.
To catch a bullish continuation wait for a touch of 130.4 - 130.7 area,
then wait for a confirmation to buy.

Your confirmation might be a bullish flag breakout on 4H.

4️⃣ Silver (XAGUSD) - Daily time frame 🪙

Silver has recently bounced from a key level.
Taking into consideration that the market is trading in a bullish trend since the end of September
I expect a bullish continuation to the closest major resistance.


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