EURUSD Technical Analysis 10.17.2017
EURUSD on the 4 hour chart is showing two possible bullish patterns. Below you can see a blue bullish pattern which triggers buys at the BC 0.50% Fib. retracement level and a possible red bullish falling wedge pattern where price has still yet to break above the top trend line of the pattern. As long as the pair stays above the blue point B low (1.1668) it is highly possible that EURUSD can bounce and push higher towards the target level 1.1943 level where a market gap formed on September 24 2017. Watch for price to move higher and close the September 24 market gap.
EURUSD 4 hour chart 10.16.2017
If looking to buy EURUSD traders should be patient and wait for price to make a move lower below or at the BC 0.50% Fib. retracement level at 1.1773. Waiting for price to move below or at the BC 0.50% Fib. retracement level will offer a better risk/reward trade setup. Blue bearish pattern is invalidated if price moves below point B of the pattern and stops should be placed at this level.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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