Price Action - EURUSD Forms Inside Bar After Getting Hammered | Feb 7th

eurusd inside bar iii pattern price action 2ndskiesforex.com feb 7th

EURUSD
Post the ECB rate decision and news conference, the Euro got hammered for 180 pips over the course of a few hours to close the London session down. Since then on the 4hr chart it’s formed 3 inside bars back to back to back, or an ‘iii pattern‘ hovering just above 1.3380.

This level is looking tentative at best, so if it cracks, then expect a rotation down towards 1.3300 before finding buyers.  If this level holds, then 1.3463 becomes resistance where bears can look to sell.  Only a sustained break above here would lend itself to a more short term bullish bias, but ours remains down for now.

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