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Chart of the Day: EURUSD set for breakdown?

Longer-term patterns in the EURUSD are strongly supportive of a bearish trade, perhaps targeting parity or lower. This is an aggressive entry, but it is often possible to enter after a very small consolidation near recent lows. In this case, stops could be established somewhere in the neighborhood of 1.26 after entering on a close below yesterday’s low. (Note the small bar is a partial session.)

AdamHGrimes

Adam Grimes has over two decades of experience in the industry as a trader, analyst and system developer. The author of a best-selling trading book, he has traded for his own account, for a top prop firm, and spent several years at the New York Mercantile Exchange. He focuses on the intersection of quantitative analysis and discretionary trading, and has a talent for teaching and helping traders find their own way in the market.
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