Since last Monday we had a wild downside movement in the EURUSD, but it entered into a congestion zone where it was difficult to find clear support or resistance level, thus being difficult to trade.
This morning the EURUSD broke that congestion zone, and it is clearer now:
We might have a small retracement, but it is in a clear bearish market condition. And what is more interesting is that the next LT support level is a few hundred pips away :)
My Trading Plan:
As long as the Euro keeps trading below 1.4761 I will be looking for short trading opportunities. All take profit orders will be placed above the next support level: 1.4515
All long trading opportunities will be ignored.
I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .