*Note that Draghi has a speech this afternoon so EURO pairs bring more risk today
On the 4 hour and daily time frame EURUSD bounced back of a support level. For this idea I decided to use the 4 hour time frame because it better shows the volatility. Based on the fact that EURUSD bounces back on a support level on multiple time frames its a strong sign that the price will go up. All though the strength of the move will depend on the Draghi party this afternoon. Use a tiny position with a 80 pip stop loss, add another position when the next resistance at 1.1942 gets broken!
On the 4 hour and daily time frame EURUSD bounced back of a support level. For this idea I decided to use the 4 hour time frame because it better shows the volatility. Based on the fact that EURUSD bounces back on a support level on multiple time frames its a strong sign that the price will go up. All though the strength of the move will depend on the Draghi party this afternoon. Use a tiny position with a 80 pip stop loss, add another position when the next resistance at 1.1942 gets broken!
Trade closed: target reached:
90 pips profit. Position closed. Rather enjoy an early weekend than stress about a dxy bounce back in the afternoon :P