EURUSD Showing Bearish Price Action, Potential Trend Reversal
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.
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.