Todays trade on the EUR/USD
Good morning traders. This mornings trade was taken on the EURUSD. As you can see from the daily chart there is a raging down trend on the daily chart with a small bull bar printing yesterday. This leaves me slightly cautious for intraday trading direction as a retracement to the EMAs could be on the cards. The one hour chart (top right) printed two high test bars at the 20EMA and I created the upper channel. I copied the upper channel trend line to the previous low to create my trading channel. The five minute chart was printing strong bear bars and a two leg move to the 20 EMA. On the close of the bear candle I entered a short position and price move steadily to my one percent target.