EURUSD – Attempting to Breakthrough First Resistance Zone (4hr chart)
Continuing from the yearly lows printed on Jan 16th, the Euro is now testing the key resistance level at 1.1645. Medium term I’m still bearish, and I’m guessing there is some profit taking and covering of shorts heading into the ECB meeting this week.
Trading should thus be light till then, but I’ll still look to sell from resistance. Only a daily close above 1.1750+ negates the bearish trend structure short and medium term.
Any massive selling post ECB meeting would mean 1.15 and 1.10 will likely be under attack.
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