Euro day trading strategy

Euro is trading in the middle of the major bull price
channel with a medium term price wedge price structure and trading just below the
PLOD. The dollar index at support is
great for the euro at resistance, so use the dollar index negative correlation
to make educated trading decisions.

We need to use the price wedge as the most important clue
for our day trading strategy this morning.
We sell the highs and buy the lows of the price wedge, and try to avoid
trading in the middle of the price wedge.
We are currently trading on top of the PLOD so this is a transitional
area we want to look for trading opportunities.

Sometimes the euro can sit and slop around the PLOD so if
the buyers don’t push this higher above the PLOD we need to beware the day
might sit on top of the PLOD like it has in the past. We look for the buyers to jump in and take
control above the PLOD on euro, and if they do not, we need to use that as a
clue and sit on hands waiting for new higher-highs above the PLOD and then
start buying pullbacks.

We take a closer look at the euro 34 range chart to see the
short term trigger-zone support levels below us. This tell us trading lower will be
challenging and to most likely wait to buy at this support than to try and
force the trades short into support.

As price drops below PLOD we want to sell retracements
but we cannot force the trade short into support levels below us, starting at
1.3295. So stay patient and as the price
drops look for the wave short pattern to FAIL and trade the 2-step long at support.