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in EURUSD Morning Analysis - 06 May, 2015
by paul - no comments
#Forex #EURUSD Morning Analysis

Here is the daily chart on EURUSD.

eurusd daily

eurusd daily

You can see that the price seems to be getting held up here right now , but on the daily chart a long position at this point would be too close to the resistance zone above.

If you are a daily chart trader then you should pay attention if/when the price reaches the resistance zones and then wait for bearish price action.

On the 4 hr things look a little different :

eurusd 4 hour

eurusd 4 hour

Notice that we are into 4 hr resistance zone right now , so should be waiting for the price to show us that it is reversing.

You should not go leaping into a trade just because the price is in a zone. Wait for the price action to show us.

 

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