EURUSD | Non-Volatile Bearish Price Action | Mar 11
EURUSD – Non-Volatile Bearish Trend (4hr chart)
Continuing its bear trend, the price action trend has been non-volatile and pretty stable with heavy imbalance in the selling. We talked about 1.0500/20 being a target which has now been achieved. The bounce off the 1hr chart has been weak and corrective, so a break below the ‘big figure‘ of 1.05 would not be surprising.
Regardless, it would increase risk further to the downside and put pressure on a much deeper move lower, perhaps to 1.01 or parity, which has been whispered by institutional players since the beginning of the year.
I’m looking at key levels to get short which are 1.0687, 1.0724 and 1.0817. Only a daily close above there and and perhaps 1.10 would negate the medium term bear trend.
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