Posts

EUR/USD Testing Daily Support For Second Time

avatar of @forexbrokr
25
forexbrokr.
@forexbrokr
·
·
0 views
·
2 min read

Direct from the desk of Dane Williams.



Hey team,

The casino is open for another week and we're back to daily market analysis.

I'll keep things as simple as I can in today's EUR/USD analysis blog, remembering the basis for my analysis is with my simple forex support and resistance trading strategy in mind.

Higher Time Frame Analysis

With EUR/USD sitting above the daily support/resistance zone highlighted in Friday's look at the majors blog, we're only looking to play from the long side.

Take a look at the zone in question, on higher time frame chart below.

EUR/USD Daily:

Pretty clear why it's a zone, right?

As long as price is above it, then my bias is to only be looking for longs.

Intraday Analysis

If EUR/USD higher time frame support looks like holding, then we zoom into an intraday chart such as an hourly and search for an entry.

What we're looking for is a retest of short term resistance turned support that we can use to manage our risk around.

By using these short term retests, we can try to better time our entry and ensure that our risk:reward stays high.

Take a look at the hourly below:

EUR/USD Hourly:

We've actually already traded a short term EUR/USD zone that I've left on the above chart.

But if it looks like holding, then its still in play as far as I'm concerned and I'll be happy to buy any strength out of it once again.

Is anybody else trading EUR/USD around this zone?

I'd love to see your charts and read your perspective on the market in the comments.

Best of probabilities to you,

Dane.



FOREX BROKR | LeoFinance Blog Daily market analysis.

Posted Using LeoFinance Beta