I’ve been making a better effort to check what’s been going on the 4 hour time frame in these faster paced markets. The EURUSD downward trend seems to have lost some momentum and we are seeing price really ‘jam up’ and congest above a daily support level. The EURUSD was basically in ‘freefall’ for a while there, but now we’re starting to see a lot more thicker bullish bodies in the daily candles as this market attempts to recover. The EURUSD 4 hour chart produced a large ‘thick bodied’ bullish rejection candle / pin bar reversal, signalling that higher prices are likely to develop. I always try to line up 4 hour setups off important daily levels to help increase the probabilities of the trade working out. A retracement entry has already been offered on this setup, let’s see how this one plays out to finished off this week’s trading. EURUSD Trade Update The EURUSD we discussed last week ended up maturing and hitting our 1:3 before the Fed injected volatility into the markets last session. It looks like the Fed comments have caused the USD to gain strength again, so we will probably see EURUSD continue to weaken. I don’t follow the news, but when I see FMOC statements on the calendar – I consider getting out of my positions or at least locking in a break even scenario. This is just a good example of how you don’t need indicators to make trading decisions, a clean price chart is all the information you need to anticipate future price movements. Dale Woods Dale Woods The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can â€˜bypassâ€™ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. â€˜The Forex Guyâ€™ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader. View All Post By Dale Woods EUR/USD DailyForex News Today: Daily Trading News share Read Next The implications of Sweden’s move for USD and GBP Justin Pugsley 7 years I've been making a better effort to check what's been going on the 4 hour time frame in these faster paced markets. The EURUSD downward trend seems to have lost some momentum and we are seeing price really 'jam up' and congest above a daily support level. The EURUSD was basically in 'freefall' for a while there, but now we're starting to see a lot more thicker bullish bodies in the daily candles as this market attempts to recover. The EURUSD 4 hour chart produced a large 'thick bodied' bullish rejection candle / pin bar reversal, signalling that higher prices… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.