Yesterday, whilst we were trading, we saw a massive selloff across the entire financial market spectrum due to fundamentals.
On the eur/usd chart, we had that massive daily descending trend line coming up and who would have thought that it would have held perfectly? It wicked into that trend line and then sold off and now we find ourselves back inside of the range that we have been in since late August.
We have to now decide if our bias is bullish or bearish. I do not see any setups as yet. We may have a double bottom on the 1-hour and we may have a bear flag of sorts on the 4-hour. This is not a time to jump into this pair unless you have a strong conviction of a particular setup that you trade.
Only jump in if all your rules are met. I will be waiting to see what the price does before looking for a setup. On that note, today is a day where we practice sitting on our hands.
For those of you that do have a setup in play, I wish you good luck, and may the trading gods be with you.
Have a great one,
The Vortex Trader