We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The commodity currencies, AUD, CAD, and NZD, which typically benefit from their higher yield profile relative to other currencies (the carry trade), no longer hold this advantage. Get your #currencies market update from @CVecchioFX here: https://t.co/3oWXhp0hCX https://t.co/JKzhDb4mBd
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.70% 🇦🇺AUD: 0.70% 🇬🇧GBP: 0.63% 🇪🇺EUR: 0.35% 🇨🇭CHF: 0.20% 🇯🇵JPY: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/dJEKnTJHQS
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: 1.50% Germany 30: 1.39% FTSE 100: 0.95% Wall Street: 0.89% US 500: 0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ouTm0aMRaC
  • FTSE @ 6,150...just 80 points away from the early March gap...#ftse #stocks @DailyFXTeam https://t.co/X95auU1GC8
  • Heads Up:🇫🇷 Business Confidence due at 06:45 GMT (15min) Expected: 85 Previous: 82 https://www.dailyfx.com/economic-calendar#2020-05-26
  • Can anyone explain Bitcoin's 'flash crash'??? #BTC #bitcoin @DailyFXTeam 🤔🤔 https://t.co/jeravYvq68
  • #Gold rising alongside stocks and yields. 'Risk-on' tilt has driven #USD lower, so anti-fiat demand may be overpowering other forces. Classic 'risk-on' elsewhere: #AUD and #NZD up with #SPX500 futures, #JPY down alongside #bonds https://t.co/D6iK49Kfsz
  • 🇩🇪 GfK Consumer Confidence Actual: -18.9 Expected: -18.3 Previous: -23.1 https://www.dailyfx.com/economic-calendar#2020-05-26
  • 🇨🇭 Balance of Trade Actual: CHF4.3B Previous: CHF3.1B https://www.dailyfx.com/economic-calendar#2020-05-26
  • 🇩🇪 GfK Consumer Confidence Actual: -18.9 Expected: -18.3 Previous: -23.4 https://www.dailyfx.com/economic-calendar#2020-05-26
Trade the EURUSD in the Direction of the Daily Trend

Trade the EURUSD in the Direction of the Daily Trend

2009-11-30 23:27:00
Richard Krivo, Trading Instructor
Share:

Instructor's Response:

You have done a nice job analyzing the 1 hour chart on this EURUSD pair.

That being said, the trades with the greater likelihood of success will be those that are in the direction of the trend on the Daily chart. For this pair, the uptrend is still in place.

So, waiting for the pair to trade down to the bottom of the descending trading channel the you have in place and, if price action does not close below it, a long position at that point would be the higher probability trade.  Or, should the pair continue to trade up and close above  the upper channel line, along position could be taken at that point.  In either scenario, we want to be looking for opportunities to trade in the direction of the Daily trend.

chart 11 30 09

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.