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EUR/GBP Remains on Daily Support Zone

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@forexbrokr
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Direct from the desk of Dane Williams.


One of the first things we're taught when learning to trade forex, is that trading during holidays is unpredictable.

With the remnants of an extra-long weekend (albeit in isolation!) remaining, I've just got a quick blog today to ensure our attention is focused when markets return to normal tomorrow.

About two weeks ago, I wrote about the EUR/GBP daily support zone in play.

Well, price really hasn't moved since.

EUR/GBP Daily:

Still in play!

But during this Easter-inspired, low liquidity trading environment, I want to warn you against buying this higher time frame support zone directly.

The lack of liquidity in the market means that levels that may normally be strongly defended with predictable price action, don't have the orders around them during holidays.

We're always preaching zooming into an intraday chart to look for previous short term resistance turned support in order to receive confirmation, but that becomes extra important if you're trading today.

You might be a little late on your entry than if you had have blindly bought the higher time frame zone, but the ability to minimise your stop-loss should more than make up for it.

Hopefully, all of this is void and we get the setup tomorrow when we're back to normal market conditions.

Best of probabilities to you,

Dane.


FOREX BROKR | Hive Blog Higher time frame market analysis.


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