EURUSD – Likely Heading Back to RRL (4hr chart)
After touching our 1.1380 resistance level to the pip, the Euro has sold off for 16 hours dropping almost handles in the process. This is a pretty impulsive reversal of the recent bullish price action and I’m expecting some further losses before bids step back in.
My sense is most likely we are heading back to the RRL – role reversal level at 1.1070 which may be a solid buy setup. If this holds, then we’ll likely see a round trip back up to 1.1260 and perhaps 1.1380.
A daily close below here means a likely trip back to 1.09 or lower.
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