EUR/USD Rips Off Lows as Bulls Regain Control
Direct from the desk of Dane Williams,
This is not your average forex broker blog.
Afternoon team,
Did you see what happened after new lows were forged in EUR/USD?
This extract from that piece of analysis is something that you should take note of and stick it somewhere around your trading desk.
"I did however want to just highlight the way that price has broken the level. Do you see any momentum behind the move?
Nope, because there is none. It's a weak move."
Now take a look at the updated higher time frame, EUR/USD chart.
EUR/USD Daily:
Look at the way that price broke to new lows, but then immediately found buyers and ripped higher.
Picture it like this.
Every Tom, Dick and Harry who was long, had their stop loss orders at new lows.
A ton of buy orders, just there for the taking.
And taken they were!
Price made new lows, the buy orders were all soaked up and price has done nothing but rally since.
EUR/USD has rallied above the higher time frame support/resistance zone that we were selling below, and has come back to retest it as support.
A level that we're no doubt going to be trading in my Inner Circle email, if the zone does in fact hold from this side.
Now we wait.
Best of probabilities to you,
Dane.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.