If that EUR/GBP level looks familiar, that’s because it is.
Yes, we’ve used this EUR/GBP support level a few times now. Click that link and follow the path back in time through our EUR/GBP posts to see how each time price came back to this level, it was respected.
Mark your higher time frame levels, and you really don’t have to keep changing them all that often.
So after dropping through the level briefly, you can see price has pinged back above it. This is where the pair comes back into play for us and we go back to looking for short term retests to get long.
Now zoom into the 15 minute chart and I love the way that price has respected both sides of the zone, using it as steps as it moves through it. This shows that even though the level looks like it has been simply chopped through on the higher time frame, when you zoom in, it is very technical in its movement.
From here I’ve drawn a couple of levels to look for short term retests that you can manage your risks around. Do you see the pair as in play again, or are we pushing our luck with how many touches the level has already got?
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Dane Williams – @VantageFX
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