Forex Trade Setups Oct. 13th
EURUSD – 1.3800 Holding Upside
After an impressive run off of 1.3150 on Oct. 4th – 1.3800 just yesterday, the Euro seems to be struggling to maintain the upside pressure and is threatening the short term bullish bias. After rejecting off of 1.3800 with a pinbar setup, the pair has failed to regain the prior highs and has just made a 2nd attempt which was a lower high suggesting the upside pressure is waning.
It could be traders are paring back longs which built up over the last 8 days. Regardless, 1.3687 holds key for the upside. Should the market have a 4hr close below this level which would also mean the first 4hr candle to close below the 20ema as well, then we expect further downside. First targets would be the 38.2% fib of the move at 1.3572 which is 110pips lower. Beyond this, look for 1.3410 as the next major downside target.
Check out a great article we wrote on Forex Trading Lessons from the Archery Range.
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