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A bunch of levels real close to each other . Anchor a few significant highs and lows with a fibonacci retrace tool and when you locate a cluster of levels and price should react there . Might overshoot it and might nail it but should slow price or turn it around .
See the daily here . See the red arrow ? no confluence but the 38% level repelled price enough to have traded off that level . See the grey rectangle ? thats a confluence , come back to this and lets see what price does if and when it gets there .
I agree that the EuroUSD or the 6E are the best trading value out in the market place for several reasons...1 they are the most liquid which can provide the best fills with the lowest slippage...2. they usually trade for a spread of 1 pip/tic and that is less than half of the GPBUSD. The interesting thing is that 2 years ago I could trade the Pound a 4 pips cost and was paying 2 for the EURUSD and the Pound had twice the price movement for the same duration of trade. Because they USUALLY almost in lock step to each other, the Pound was the better deal. Now that seems to have changed and the EURUSD holds it's on as far as trading range and time and price movement with half the trading cost, making it, in my Humble estimation the most valuable trading currency around...MOST Of the time...
I agree on the liquidity but EURUSD isnt always the most tradeable . I watch it every day and it goes through periods where the recent highs or lows always get taken out after a convincing signal triggers making setting stops a waste of time and periods where price just goes textbook and targets are always hit . Thats trading and what makes it fun but frustrating .
BTW , we're using this other thread for euro discussion lately so join in at will , thanks .
