EURUSD Price Action Setup - 31st October, 2014
- Support level supported by a Daily candle close at support
- 4hr candle also showing the same
- Supporting analysis on a failing rally on the US Dollar Index / USDCHF is the factor supporting this counter trend trade here.
Outlook Trade opportunityWe are looking at around a 1.5 :1 reward to risk here, with buy limit at around the 50-61.8% fib retrace of the bounce from support.
You can also wait for a 1hr Price action candle setup and enter with more conviction