2ndSkiesForex
Short

EURUSD Showing Bearish Price Action, Potential Trend Reversal

FX:EURUSD   Euro Fx/U.S. Dollar
428 4 5
After forming an HH (higher high) the Euro             sold off impulsively, then formed a corrective pullback and dual pin bar rejection which led to more selling. This is more than just an unwinding of longs, but sellers starting to take over as the key support level at 1.3551 was broken (= false break).

If the pair pulls back correctively into 1.3551, I'll look to sell that, targeting 1.35 and 1.3467 so watch this level closely.

The bulls have one last refuge which was the consolidation support level B at 1.3467. Traders wanting to get long can look for buy signals here targeting 1.3551.

xtrade
3 years ago
Yes, it is about 100 pips upward ahead
Reply
2ndSkiesForex
3 years ago
Yeah, its now in the process of forming a bullish pin bar which should lead to higher prices and a challenge of the aforementioned key resistance level at 1.3551. So will watch this level closely for signals
Reply
pradafx
3 years ago
Good analysis as always. Nice play btw the levels
Reply
2ndSkiesForex pradafx
3 years ago
Thanks mate. Lets see how it plays out
Reply
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