Categories: Forex Education

EURUSD – Short-term Buy Opportunity

The Euro continued to trade in a range on the higher timeframe (daily) against the US Dollar. There is a triangle pattern forming on the daily chart of the EURUSD pair, and there is a chance that the pair might spike one more time higher to test the triangle resistance area. It also looks like a 5-waves structure and we could be in the 4th wave currently.

So, I think the best idea would be to wait for a small correction from the current levels towards the 100 moving average on the 4-hours chart to enter a buy trade.

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Technical Analysis

D1– Chart representing the triangle pattern formed on the daily chart.

Entry:

H4– We can wait for a move down towards the highlighted support area near 1.1020-40 to enter a buy trade.

Target 1: 1.1180
Target 2: 1.1240
Stop Loss: Below the last low created before entering into a trade

Video Explanation:

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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.