Euro Pullback To Dynamic Resistance Leads to Selloff | July 4th
EURUSD – 4hr 20ema Continues to Hold
After forming a pin bar signal off a role reversal level, we suspected and suggested another pullback for the pair before more selling. This is exactly what happened as the pair pulled back to 20ema, forming another pin bar off of it before selling heavily post ECB rate announcement today.
Tomorrow is NFP day which should be quite interesting considering the already unusually low levels of liquidity. Could be a perfect storm to cause a very drastic move in the markets. Traders now can look for sell signals around 1.2975 targeting 1.2850 and 1.2775 to trade in line with the bearish trend.
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