Weekly Price Action Chart Analysis - Super Bowl Edition | Feb 2-7

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Happy Super Bowl Sunday to all!

EURUSD – Bearish Tone Short Term Dominates
As we suggested in our 2014 EURUSD currency market outlook, along with our weekly price action commentary last week, the EURUSD looked prime for a sell-off in the month of January, and it obliged. We suggested selling in the 1.3640-1.3700 resistance zone, and this held price action in check with no closes above this level. Anyone selling in this zone would have profited heavily so congrats to them.

We favor staying bearish short term, so will look to short on pullbacks into 1.3600 and 1.3640. Downside targets now become the key support level at the 1.3324/3300 area. Bulls will need to wait till these lower levels before …

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