Forex – scalping the EUR/USD

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NEW YORK (MarketWatch) — The euro on Monday tumbled to its lowest level versus the dollar since January and remained under pressure after European voters rejected pro-austerity candidates in weekend elections, calling into question the region’s control over its sovereign-debt crisis.

This is the 5-min chart of the EUR/USD. After the large gap down in the Euro, it has trended upwards in a trend channel, providing many trading opportunities. This channel could be a bear flag on a larger timeframe, heralding further downside.

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Spencer Li

Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.