Hey, how is it going?
Look, I’m not going to lie to you… I has been difficult for me to trade the EURUSD in the last couple of months… Mostly because I have not been comfortable with its longer term charts…
I know most of you like to trade the EURUSD because of its spread… but let me tell you something, I’d rather trade a currency pair with a larger spread and a clear market condition than a pair with a smaller spread but with no idea what the market is likely to do…
I hope you agree with me.
This is why I have been trading other pairs and crosses, specially the AUDJPY, EURAUD, GBPAUD, they all make sense on both, long and short term charts…
But right now… the EURUSD might be giving signs if a clearer market condition…
Here is why
EURUSD Long Term Analysis
Take a look at the EURUSD Daily chart:
The first sign of a clear market condition is clear S&R levels. And it is just what we got in the EURUSD.
Just broke through an important resistance level, and as you already know, once the market breaks through an important level, it is likely to continue in the same direction until it hits its next resistance level.
Makes sense to you?
EURUSD Short Term Analysis
Here is the hourly chart:
Now, the short term charts are also clear enough to make me comfortable about giving a shot to the EURUSD.
What do you think about my trading plan?
Do you feel comfortable trading the EURUSD right now?
PS. Dont ask me about its weekly chart… it doesnt make sense to me.