dlifestyletrader
Long

EURUSD: Watch for Rebound at Previous Low

FX:EURUSD   Euro / U.S. Dollar
As boring as this week's market is, I think that every good trader should cultivate a high level of patience.
Imagine trading within the tight range throughout this week, chasing after every rebound at the range bottom.
Either you have spent a great amount of time to make very little profit or you have made losses due to impatience and impulsive trading.
It's already the last trading day of the week and the market calmly awaits Powel to deliver his speech.
If the market does give a chance and EURUSD retest its previous low, I think it's a fairly good trade to buy the low on the first retest.
As long as the Fed doesn't shift away from a near-term rate cut, EURUSD should stand a good chance for a significant rebound after all the accumulation throughout the week.
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