Daily Forex price action analysis – 2016-02-10

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In today’s price action analysis I review the EUR/USD short I spotted in yesterdays analysis. The trade worked out quite well, it hit it’s 1:2 risk/reward ratio for me.

Did you take the trade? If you did, respond below and let me know how it went for you.

Today there are three potential trades forming. USD/JPY is sitting on the 114.00 support area, if indecision forms near that level on the the 12 hour or daily chart, I may consider a long trade. The setup would need to meet all my criteria and would need to have a good risk/reward ratio.

USD/CAD might be stalling on the 3 hour chart, the setup is not that great though, and there is a 95% chance it wont stall or I wont take it.

USD/CHF is showing strong signs of a bearish continuation from the 0.9815 resistance area. I have not traded continuations for years but I may start trading them again soon. I explain my thoughts on continuation trades in the analysis video below.

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My support and resistance areas

Check out my support and resistance areas here. These areas