EURUSD – Breaks Key Support Level, Bias Intact | Aug 4

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EURUSD – Breaks Key Support, Bearish Bias (4hr chart)
The Euro took out the key support today around 1.0895. This level had held for the last two weeks with the prior two bounces creating a 200 pip bounce. The break and close below it today suggests more bearish momentum is likely with this level becoming an RRL – role reversal level.

The next downside target for the bears is 1.0815 which is a major support level, hence likely some covering of shorts here. If this holds, then we should see a bounce back up to 1.0895.

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