Weekly Price Action Analysis & Outlook | Jan 19th-24th
EURUSD – Continues to Break Down
In our 2014 currency market outlook, we favored the bearish side based on the various price action clues and the pair has sold off 8 out of 13 days losing almost 300 pips in the process. The pair is now below a key level at 1.3650 and we’ll maintain our bearish bias until a daily close above 1.3815. I’ll look to sell in the resistance zone between 1.3650-3700 on a corrective pullback. Downside targets are 1.3400 and 1.3330.
Nikkei 225 – Still Bearish Below 16400
After forming two bearish engulfing bars, the pair has formed an inverted pin bar on friday, which is a failed attempt to rally, but a rally nonetheless. The bulls …
