EURUSD – Forms Inside Bar Just Above Key Support | May 19

EURUSD – Inside Bar Just Above Key Support (4hr chart)
Getting hammered by the USD today, the Euro lost almost 2 cents before bouncing mildly. The break and close below the key support level at 1.1279 means ST we have a bearish bias while MT bullish above 1.1070.

The pair did form an inside bar to end the day on the lows, so weakness is still present in the market. I’m suspecting a test of the bids at 1.1075 near term.

If the bulls fail to hold here, this would change my bias MT to bearish on the pair. A bounce from here puts 1.1279 back into focus so we have our line in the sand ST.

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