EURUSD Analysis pre London open. Trade Set Up !
Hello traders good to be back on a Monday and a new trading week. Today we have no Data of high impact, however ECB president Draghi speaks at the end of the NY session today. Let us look at the EURUSD trade I feel looks good today and also have some education on this trade as well. We all know all we want to do is sell this pair and buy the dollar. As you can see on this chart we are fighting the daily pivot point and has been rejected four times. At the Open I am looking to see this sell off but I have to say there are issues. We have trouble on this chart as marked with the arrows and I am talking about left of price action. You can see we will have a fight at those price levels and we do not want to trade into that. We like to trade when we have clear wide open spaces on the chart. Take a look at where I look to enter this trade at 1.0460 and you can see we have no junk as I call it left of the chart, it is a clear wide open space to our take profit area. The stop is above the 50 ema and our take profit is at 1.0362 this could be a 100 pip trade if it works all the way. I will be very happy with 30 pips. Have a good trading day and talk soon ….William
Source: http://www.fxinstructor.com/blog/eurusd-analysis-pre-london-open-trade-set-up
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