Daily Forex Trading Commentary - Wednesday 30th April 2014

EUR/USD - Massive Rejection of Key Support, Look For Entry On Retracement

The EUR/USD produced a massive rejection of key support at 1.3785 today as price exploded higher into the close. From here we could see a move back to key resistance at 1.3965 before price begins to run out of momentum. The most logical entry here would be around the 50% retracement entry of today's bar with stop-losses below the low - this will leave lots of room for good risk / reward on this setup (for educational purposes only).

This price action trading commentary is published by Lewis Barber and represents his current view of the forex market.

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Tags: commentary, eur/usd, eurusd, forex, trading

Comment by George Sofianos on May 2, 2014 at 9:55pm

This is what happened today, another highly effective analysis, sometimes simple is the best, well done Lewis!

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