Direct from the desk of Dane Williams.
So it's been 4 months since EUR/GBP bounced off daily support.
Wow, how time flies!
We haven't talked about it since because it's just been solidly trending upward between higher time frame zones.
Until this week that is, as price hit daily resistance and piqued the interest of our trading strategy once more.
Take a look at the EUR/GBP daily chart below:
Gah, just look at that vertical price action as price pinged higher this last week or so.
Now that’s a move!
I’ll let you zoom into an hourly and look at the price action in hindsight, but there are certainly retests of short term resistance turned support in there that could have been traded if you were on the ball.
Once again, the trading strategy I highlight here on the blog is always the same and if you’re on the ball, there’s certainly opportunity for you to make some money day trading.
But looking forward once again, price is now certainly capped by higher time frame resistance.
This means we’re looking to only play EUR/GBP from the short side.
Zoom into an intraday chart such as the hourly, identify short term areas of support and use them to manage your risk around when they’re retested as resistance.
Best of probabilities to you,
FOREX BROKR | Hive Blog
Higher time frame market analysis.
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