EURUSD – Euro/dollar continues moving lower
In our last EURUSD commentary we were looking for a retrace higher into 1.3155 – 1.3300 resistance area and then a price action sell signal to form there to trade back in-line with the recent bearish momentum in this market. Whilst we did not get the sell signal we were looking for, the market has rotated lower after hitting a high of 1.3139 yesterday, and we can see price is still looking weak into Thursday’s Asian session. We could see this weakness continue into near-term support at 1.3000 area, and if price can break down below that level there’s potential for a further fall into the key support near 1.2880. Traders can still keep an eye out for price action sell signals on the 4 hour or daily charts on any rotations back to resistance.
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