smartforexlearning
Short

EURUSD either range-bound (awaiting ECB stance) or bearish

FX:EURUSD   Euro Fx/U.S. Dollar
127 3 4
We've seen the price being tested against the top resistance level for a couple of times now, every time following quite a sell-off. This week, I can see 2 things happening;
  • EURUSD             gets in the range between 1.116 and 1.10, awaiting what Draghi has to say in the ECB meeting on Thursday
  • The bearish trend will continue, possibly after first moving up to a medium term resistance level.
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It seems that my initial idea was largely correct.

Seller pressure was quite big though, so the medium-term resistance never got tested. Price went south rather quickly and is now at a critical support level.

My feeling still says the bearish sentiment will continue to drive the price down, but if buyers intervene we could again see the price rebound and go higher, back into the range.
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It's good to see that my #EURUSD idea from the beginning of last week worked out exactly as planned. Price action and S/R levels are everything you need.
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