Daily Forex price action analysis – 2016-05-10

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In today’s price action analysis I spot four potential trade setups. Out of the four setups, EUR/JPY looks to be the strongest. Price is stalling heavily on the 124.50 resistance area, and it looks like a short trade is forming. At the time of writing this, there is still a few hours until candle close. However, if it closes similar to what it looks like now, I will probably take this trade.

We also have a setup forming on AUD/JPY, that might have some potential. And there are also trades on GBP/USD and USD/CAD. I will probably skip those two setups because they wont meet my minimum risk to reward ratio of 2. However, if your RR minimum is lower than mine, you may want to consider them.

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