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in EURUSD Morning Analysis - 21 May, 2015
by paul - no comments
#forex #fx Daily chart on #EURUSD are we approaching a long trade setup ?

On the daily chart of EURUSD we can see that a nice drop out out of previous resistance / supply zone and are getting back down to the 50 % fib retracement of the previous move up, which also corresponds to a resistance level formed back in March this could switch from resistance into support.



It remains to be seen if the price will get into the fib zone just getting there is not a signal to go longĀ  at all . You need to see certain price action confirmations first , to then trade back up to the supply zone.

Patience needed on this one on the daily .

The 1 hour is also quite sideways and it should be remembered that Monday is a vacation day in europe and the US so it may not get moving till sometime next week.

This method of trading price action is described in our price action course which is available to full members.


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