Categories: Forex EducationTechnical Analysis

EURUSD – Buy Dips After A False Break?

The Euro after dipping below the 1.1000 level against the US Dollar recovered and currently making an attempt to move higher. There is an interesting pattern forming on the hourly chart after a convergence was created. So, there is a chance that the EURUSD pair may trade higher in the short term back towards the 1.1070-80 area.

Looking at the 15-min chart, we can wait for the pair to correct down before planning for a buy trade.

Technical Analysis

H1 – Hourly chart highlighting the scenario in which the EURUSD pair may climb higher, and a move down later on.

Buy Entry:

M15 – If the EURUSD pair dips from the current levels, creates a false break below the 1.1000-10 levels and trades back higher, then we can enter a buy trade.

Target 1: 1.1050

Target 2: 1.1070

Stop Loss: Below 1.0970

Video Explanation:

Yours,
Vladimir

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.