EURUSD Trading Setup

by: Colibri Trader

Dear traders,

It has been an interesting week so far. The trade setups from last time are already showing signs of bearishness. The US indices have dived today and if you managed to go on board you probably had a great trade. They are not showing even the slightest hint of a bullishness. I am curious to see how far they can go. I am also curious to see if that will the the major turning point. Only time and price action will show us.

The other two trade setups from earlier last week- EURJPY and GBPJPY have gained quite a bit of momentum, too. All in all, it has been a very good period for price action traders.

EURUSD Trading Setup

Today’s price action setup is coming from EURUSD. It seems like the uptrend is ready to resume. I am looking at the daily candle, which is a pin bar. The daily candles from yesterday was another bearish rejection. I am looking to possibly go long around at 1.1750. I will be careful with this one, since the nearest resistance area is at 1.1900. Therefore, it could be a short-lived trade, but still is an opportunity.

Happy Trading,

Colibri Trader

p.s.

Check out my recent article on Impulsive Waves 

or possibly even better- read my latest Money Management article