EUR/USD Once Again Retests Range Top

Good afternoon traders,

Remember we spoke about the EUR/USD gap to start the week? Well after missing the fill by a bees… by a rather small margin, price then continued its descent:

EUR/USD Hourly:

Click on chart to see a larger view.

All the way down to retest the daily level that once acted as range resistance:

EUR/USD Daily:

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It’s from here that things start to get interesting for the day traders again!

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!

Best of probabilities to you.

Dane Williams – Vantage FX

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Source: Vantage FX Blog