AS we can see there is a good 2:1 long setting up on the EURUSD.
Price has pushed down to the untouched zone and we are seeing more buying pressure froths level.
The 2 hour chart shows a strong moved down with that engulfing candle which will offer little resistance to the upside at around the 1.15200 level
Looking at where price is there are a few levels that are jumping out.
The first area is the 1.17400 level, there was a strong move down from this level, looking left however there has been a lot more activity in this area which leads me to believe that although there could be a good opportunity here there is a better and untouched area at 1.19250 area.
The 1.12000 level has only just been touched and rejected so this could offer another area to get long. However the untouched area that would offer a better low risk chance of a turn would be down at the 1.10200 level.
The highest point offering great shorting opportunities is way up at the 1.22800 area
Price has been ranging sideways between 0.9600 and 0.95700 this shows me that there is potentially a chance price may break lower.
There is a fresh Zone at the 0.9300 level which has had one tiny test and bounced from this level. If price shows signs of rejection at this level it could be a good place to get long to the 0.96900 level.
If price were to break to...
Im currently in a short sell from the current zone at the 1.14500 level entry was at 1.14600 my Target is 1.13800
The reason Is this has the highest probability of being hit.
After this area we have got a demand zone which has been used twice already, potentially this could now fail and see prices push to the lower zone on the daily at the 1.12100 level.
Having a look a the bigger picture on the 4hr and daily I have closed the Long Trade I had.
Looking at the Daily there potentially is a further drop of around 50 pips before we could see price rally up.
When price last tested the 109.800 level price had a larger 475 pip move to the upside. This zone was rejected instantly the first time it was tested and due...