EUR/USD Retest of Daily Support Holds Once More

Direct from the desk of Dane Williams.

Hey team,

With EUR/USD starting the week by retesting daily support for the second time, we were looking to potentially play the pair from the long side.

I've quoted the two charts from that previous blog post below, but I want you to especially pay attention to the hourly chart with the short term zone in blue.

We'd already longed off that zone a few weeks back and with price coming back to retest the zone today, it's still in play.

EUR/USD Daily:

EUR/USD Hourly:

Price comes back down into our daily zone in grey and...

EUR/USD Hourly Updated:

BAM.

Another retest of that intraday zone, literally to the pip.

It always helps to even leave short term support/resistance zones on your chart, especially if they haven't been broken before.

So often we see price retest them, giving us a second chance to enter.

As retail traders, we're never going to be first anyway so if the market is going to give us a second chance, we may as well take it.

Happy days.

Best of probabilities to you,

Dane.

FOREX BROKR | LeoFinance Blog Daily market analysis.

Posted Using LeoFinance ^Beta