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Trading the EURUSD Support

There were several good setups through out the night on the EURUSD. If you waited patiently you most likely caught one or two of these trades. Price was consolidating around pivot all morning, but was still making solid channel trades. This is the first day back after all the holiday trading we’ve been facing. It’s good to see markets move again. Our trade was setup using the good ole pivot. As long as the pivot stays in play we will also.

Price had finally pushed through the pivot line around 8:30 this morning. It started trending in a sideways formation for the next hour or so. As price fell back down into pivot we entered our call option seeking a solid bounce. Although we got in pretty late in the trade price was against us most of the time before the last 30 seconds. Price finally pushed up and closed out giving us a half pip winner at 24option.com.

Within about 5 minutes of our trade exit, price had a nice jumper candle to the north side. Price moved up over 10 pips and has continued trading through resistance one about an hour after our trade was over. The next area of resistance is at the whole number of 1.3100. This may be a good place to take a put option or a short trade. If price is strong going into this level let it extend through it a little bit before you enter. Try not to just take the line itself if price is working really hard.

The image below shows our trade of the day using the Price channel around the pivot. You can see how price was coming down slowly from the highs of that of the early Wick. We entered our trade and price went against us for the majority of the time before pushing up at the last second. It did close out in favor. As an overall trade for the Forex market it would’ve been perfect. Remember, we always look for binary option trades, but we will continue to look for Forex trade setups as well.
Pivot Held the bounce and Moved Up
Price is now coming up to the 1.3100 level and should be a good area of resistance for a put option or short trade. If you see price move strongly through this area be careful because the trend is now to the North side. It may be a good spot for a call option later on if price does break it. Just keep an open mind and don’t fall in love with a particular trade if it’s not there.

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