UR/USD – Euro/dollar under pressure below 1.3300
The EURUSD fell significantly lower last Thursday on the back of the fakey with pin bar combo setup that formed last Wednesday. It’s clear by looking at this chart that near-term momentum shifted from bullish to bearish after the consolidation between 1.3155 – 1.3300 broke to the downside last week. However, Friday brought us a bullish pin bar reversal showing rejection of 1.3000 support and indicating the market could pop higher early this week. The market will need to have enough strength to close back above 1.3155 resistance to really make a substantial run higher, and there’s some serious resistance really from 1.3155 up through 1.3300 it would need to clear to extend the uptrend. Overall, there’s some strong “headwinds” facing this market right now and although we see a pin bar formed on Friday and technically the daily chart is showing a pattern of higher highs and higher lows, we could see some stalling and bearish price action emerge around 1.3155 – 1.3300 next week and could even look to sell in that resistance area if an obvious price action sell signal forms.
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