EUR/USD Bounces Off Range Top

Good morning traders,

Open up your Vantage FX MT4 platform and take a look at the EUR/USD setup that we’ve been following. If you remember our last blog featuring the pair, we were watching the EUR/USD previous range top holding as support and looking for a possible opportunity to manage our risk around this particular higher time frame level.

This is an extract from that post:

“As it is the previous range top, it is a massively significant, higher time frame support level. If it does in fact hold here, then any short term pullbacks could be bought with increased confidence.

Now we play the waiting game to see if the level holds and it can be traded!”

Well we waited, and we were subsequently rewarded for our patience!

Click the link to the previous blog in the paragraph just above and look at the way that price bounced at the marked area to where we are now:

EUR/USD Daily:

Click on chart to see a larger view.

With the higher time frame level there to manage our initial risk around, it now becomes about trading any intraday pullbacks into previous short term resistance turned support.

Find your levels and trade your levels. In the end, that’s what this game is all about!

Best of probabilities to you.

Dane Williams – Vantage FX

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Source: Vantage FX Blog