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.
FOREX BROKR | LeoFinance Blog
Daily market analysis.