EURUSD TECHNICAL ANALYSIS LONG SETUP, 12 OCTOBER 2017

POSSIBLE LONG SETUP ON THIS PAIR AS THE DOLLAR RALLY TAKES A BREATHER.

EURUSD H4

MARKET IS SIDEWAYS, 21 AND 55 ARE DIVERGING AND THE 21 IS ABOVE THE 55. PRICE IS BULLISH AND CURRENTLY AT WR2 WHICH COINCIDES WITH MPP. THIS IS AN AREA WHERE SWING TRADERS BOOK PROFITS WHICH OFFERS A COUNTER TREND TRADE FOR BEARS. MY PLAN IS TO WAIT FOR A RETRACEMENT TO SUPPORT BEFORE CONSIDERING A LONG ENTRY.

Leave a Reply