Euro Engulfing Bar Changes Intraday Outlook | June 19th

bearish engulfing bar intraday price action euro

EURUSD – 4hr Engulfing Bar Post FOMC Meeting
After signals from the Fed it will likely start tapering soon, the USD gained massively hammering the Euro, Pound, and Aussie in the process. The pair formed a large bearish engulfing bar in the process, taking out almost 5 days of choppy gains closing below the 20ema. Intraday price action is bearish, so I’ll consider selling around 1.3381 which is a role reversal level that failed to hold the upside, so it should attempt to keep the bulls in check. Downside targets will be 1.3280 and 1.3200. A more aggressive level to sell would be 1.3333.

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