EUR/USD Coiling For a POP!

June 9, 2016

Image: European Central Bank Flikr (cc)

EUR/USD Coiling For a POP!:
In today’s Daily Market Update we touched on an hourly EUR/USD chart.

EUR/USD 1 Hour:
Click on chart to see a larger view.

Following the blog, I’ve had a few questions around why I’ve used the horizontal level that I have in identifying the ascending triangle pattern that EUR/USD seems to be coiling inside.

EUR/USD 4 Hour:
Click on chart to see a larger view.

Quite simply, that touch right there.

When you zoom out to the higher time frames, that is the most obvious, hard rejection off a single price. When price reacts this way once, even if the level has been chopped through since then, the level is going to continue to get attention.

Stick to good risk management principles when tradning these major levels and you will be fine in the long run.

Dane Williams – @VantageFX

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