Intraday EUR/USD Correction and Swing Set Up

The EUR/USD has been trending lower on both the daily (the most psychologically relevant time frame) and the 15, 30, and 60-minute intraday charts. This is setting up a swing short on a bounce to the 34EMA Wave on each time frame. The shorter the time frame the less of a bounce higher in needed to trigger a short but utilize the five-minute chart to see if the price action is exhausting OR alternatively place two to three limit orders to enter in a swing “zone” and capitalize on an area of resistance rather than just one level, especially if the levels are fairly close together.

12-8-2010 7-28-18 AM.jpg

The EUR/USD is exhausting at the 60-minute Wave after breaking the resistance on the 15-minute already. The 30-minute is holding price action within the Wave as well which means that both the 30 and 60-minute entries are still valid shorts.

This video runs just over 5 1/2 minutes.

For more U.S. Dollar analysis visit my Daily Trading Edge blog.