Trading Setups / Chart in Focus:
EURUSD – Euro/dollar continues to consolidate
Yesterday, in our members forum I made a post about the EURUSD discussing the potential for a move lower but insisting that we needed to see downside follow through to confirm any short entry. We can see that since then the market has just continued to chop sideways on the 4 hour and daily chart and as of now we are taking a neutral bias on this market.
Anyone looking to trade this market should wait for a convincing break and close above or below this current consolidation range before looking for an entry. Some clues on the intra-day chart would be a strong 4 hour pin bar reversal signal, but even reversals become less effective in consolidation. This market is simply too indecisive right now to try and pick a direction, so traders are going to be best served by exercising caution until we get a strong break out from this current choppy price action.
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