EUR/USD Order Block Setup - Support Bounce
EUR/USD has been bouncing between support and resistance for a month.
On the 4-hour chart, we can see the price bounce perfectly between these two zones.
The support zone - 0.99
The resistance zone – 1.005
We have a nice order block at the bottom of the support zone. I have highlighted this zone in orange.
We take the most previous bearish candle before an impulsive move upwards. Currently, we can see that the price has pierced straight into the order block zone and is currently retracing.
MY target for this OB zone is previous support at the 0.9969 price level.
We have some nice confluence for this order block zone.
We have the OB zone lining up nicely with previous support that the price likes to bounce off of.
We were also expecting the price to come back down to this level because of the price gap we see when looking to the left. I have explained this imbalance in the video below.
Not every single order block will hold. We need to find the ones that have the most confluence surrounding them and enter with proper risk management. We cannot find one and just assume that it will work. Please always do your due diligence before entering an order block.
The Vortex Trader
On the 4-hour chart, we can see the price bounce perfectly between these two zones.
The support zone - 0.99
The resistance zone – 1.005
We have a nice order block at the bottom of the support zone. I have highlighted this zone in orange.
We take the most previous bearish candle before an impulsive move upwards. Currently, we can see that the price has pierced straight into the order block zone and is currently retracing.
MY target for this OB zone is previous support at the 0.9969 price level.
We have some nice confluence for this order block zone.
We have the OB zone lining up nicely with previous support that the price likes to bounce off of.
We were also expecting the price to come back down to this level because of the price gap we see when looking to the left. I have explained this imbalance in the video below.
Not every single order block will hold. We need to find the ones that have the most confluence surrounding them and enter with proper risk management. We cannot find one and just assume that it will work. Please always do your due diligence before entering an order block.
The Vortex Trader