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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.

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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.

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.