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, I thought that the best trading strategy here today would be scalping reversals at any key support or resistance level, especially at the extremes.The technical picture is quite different now, almost three weeks later – the price has powered upwards to make a new long-term high and validate a new long-term bullish trend after it rose to a high of $1.1075 last week.
The price has pulled back considerably since then, but deep pullbacks are typical in this currency pair, so trend traders long here will typically be using wide stops., so Forex traders should be interested in trying to rise this bullish trend if they pay attention to precedent. Drilling down to the hourly time frame, which is shown within the price chart below, we can see that although the price has been rising over the last several hours,. However, the price action has almost changed that – the price just needs to get established above $1.1000 to make a convincing higher high.I am happy to stay in my long trade here with a wide stop, even if the price retraces to the support level at $1.0937 or even lower.
The current price action is not especially bullish, but I think its always worth respecting long-term trends in this currency pair. Concerning the USD, there will be a release of the Empire State Manufacturing Index at 1:30pm London time. There is nothing of high importance due today regarding the EUR.Top Forex Brokers
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