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NIAL FULLER
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Forex Trade Setups Commentary: EURUSD inside bar at resistance 8-9-10

Forex Trade Setups Commentary:

EURUSD inside bar at resistance

The EURUSD formed an inside bar today just underneath resistance at 1.3260. This inside bar did indeed form in the context of the daily uptrend, so we would have to assume that it might break higher and lead to higher prices.

However, a look at the weekly chart will show just how significant the resistance is near 1.3260. Thus, today’s inside bar price action setup could lead to lower prices given where it is located. This would be a counter-trend setup and therefore is not recommended to inexperienced traders. Inside bars do occur relatively frequently at major market swing points.

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Weekly chart of EURUSD:

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For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.

Commentary:

The U.S. dollar gained back some lost ground today against the other majors, rising against the Euro, British pound, Australian dollar, New Zealand dollar, Swiss franc, and Japanese yen, while remaining basically unchanged against the Canadian dollar.

The Dow rose 45.26 points, or 0.42 percent, the S&P 500 rose 6.12 points, or 0.55 percent, the Nasdaq added 17.22 points, or 0.75 percent.

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is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
  1. Michael August 10, 2010 at 4:11 pm

    I got out by my trailing stop at 1.31610.

    Only if I had switched down to the M30 chart, I would have seen that bullish pin bar signalling a good time to exit at around 1.31440

    Reply
  2. David August 10, 2010 at 3:18 pm

    Hi Nial

    Thanks for your posts.

    I will keep watching :)

    Reply
  3. Michael August 10, 2010 at 1:48 pm

    Looks like I’m going to ride this short for all it’s worth :-)

    Thanks Nial!

    BTW, Is it strange that I’m seeing inside bar patterns on all of the USD majors?

    Reply

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