Today was a great day on eurusd, but not so obvious at first. Let’s look at bigger picture. SP500 cut Italy’s rating and eurusd tanked – that was yesterday. Add to this fact that eurusd is in a downtrend so it is hard to take a long position. In a long term yes but when you are daytrading then you can take a risk. Today was a good day for that because on lower time frames we saw an uptrend and some corrections down.

In the morning there was a great setup – move up, correction to 61.8% retracement and 55 simple moving average and then move up to the extension line. Pure and simple.

eurusd - 1st good trade opportunity

eurusd – 1st good trade opportunity


The next trade opportunity was after some sideway movement. Entry point was the close below 0% line. As you can see, this was a pretty strong (a litte choppy) move way up to the 261.8% extension line:

eurusd - breakout after sideway move

eurusd – breakout after sideway move

You could find many similar trades like that later, like the one below:

another good move and use of Fibo tools

another good move and use of Fibo tools

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