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EURUSD Price Action – Bearish Momentum Continues | Mar 10
EURUSD – < 1.07 = Bearish (4hr chart)
Declining for 24hrs (6 x 4hr candles), the Euro lost another handle today, two actually, knocking off 1.08 and 1.07 on the list down to parity. This means we have to lower our pullback levels to get short (at least for now in the absence of any volatile pullback/trend change).
The key pullback resistance levels for me are 1.0825 and 1.0985/1.10. Only until we get a daily close above the latter would this change my bearish bias ST & MT. Downside targets are 1.0530/50 and potentially a return to parity, but I suspect a decent bounce would happen before we touch parity. Regardless, I think parity is likely this year.
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