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EUR/USD Retests Daily Resistance as Support

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@forexbrokr
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Direct from the desk of Dane Williams.

Hey team,

It's been a while since we've discussed EUR/USD on the blog so let's take a look at how the Euro narrative continues to unfold.

EUR/USD had been setting up for a short and did respect the daily zone as resistance on the way up.

However, take a look at the daily chart now.

EUR/USD Daily:

Resistance is resistance until it's not.

And now it's not :)

Now this next intraday chart is a bit of hindsight trading, but you can't say that my simple support/resistance trading strategy doesn't work.

Just take a look at the hourly.

EUR/USD Hourly:

After price broke above daily resistance and turned it into support, we took the first level of short term resistance to use as a possible entry.

When that blue intraday zone was retested, you can see that there was a lot more of the 1:3 I've draw here on offer.

It's always the same thing, you just have to know what to look for.

Best of probabilities to you,

Dane.

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