Image Source: PixabayThe EURUSD pair broke above the April 4 2024 high making a new higher high from the April 2 2024 low. The new higher high has given the pair a price range. We expect for the range low to hold looking for another rally higher. Will be watching for buying opportunities and will wait for another dip lower. There are possible zones to support another bounce higher. Will watch for price to tap the demand zones below the equilibrium level. The pair can tap demand zone 1 and bounce higher or dip deeper and tap demand zone 2 before a bounce higher. As long as price does not break below the range low then EURUSD remains in buy mode. Traders can also switch to smaller time frames, 5M or the 15M, to catch possibly a better entry with tighter stop loss. Also watch for an RSI bullish divergence pattern to form for more confirmation.EURUSD 1 Hour Chart April 9 2024
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup.More By This Author:SPX E-Mini Elliott Wave: Another Buying SetupBank Of America Near Support Area Gold Miners ETF Extending Higher In Impulsive Structure
