Forex EUR scalping at the European Open

Unless there is strong bearish sentiment for the EUR, there is a tendency for EUR traders to buy around the European open at 8 am. The pattern I have noticed is that when EUR is bullish, price tends to pull back at about 7 am which creates a downward spike which starts to reverse at around 7:30. To enter a long position on any EUR pair can produce a scalp profit of 30 to 50 pips on USD, CAD, AUD or JPY.

The set of charts below shows price action from the 7:30 pullback to its profit top. The charts also show the profit of £62 I made using this strategy. The trade explorer linked to this thread shows today's profit on a demo account.

Attachment 1674106

The strategy works in reverse when EUR is bearish.

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Source.