EUR/USD Continues to Allow us to Trade Around Our Zones

in LeoFinance4 years ago

Direct from the desk of Dane Williams.




After EUR/USD retested daily support, reactivating the zone that we've had on our chart for a month or so now, price action has been very tradable.

Here's an updated EUR/USD daily chart with the in-play higher time frame zone that we've been trading around.

EUR/USD Daily:

When I say that we've had this zone on our chart for a month or so, I'm not exaggerating.

As soon as price moved through the higher time frame zone and held above it 28 days ago, we zoomed into an intraday chart to identify the first area of short term resistance that we could use to long EUR/USD off of when price retested it as support.

Well 28 days later, we're still using that same intraday zone that has remained on our chart, as a zone to enter long.

Check out yesterday's price action on the EUR/USD hourly.

EUR/USD Hourly:

Price pulled back right to the bottom of that intraday zone (to the pip again), before the long hourly wick showed that buyers stepped and retook control with conviction.

From there it was the buyers in control for the rest of the trading day, right through into Asia.

Keep managing your risk by trading around these types of support/resistance zones and you really can't go wrong.

Best of probabilities to you,

Dane.




FOREX BROKR | Hive Blog
Higher time frame market analysis.

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