EURUSD False Break + Trendline Holding = Bearish Pressure | Jan 8th
EURUSD – Long Term Trendline Holds Upside In Check
Last week in our EURUSD 2014 Currency Market Outlook we suggested bearish traders to look for sell signals below the long term trendline that capped the highs and false break from Dec. 27th just under 1.3900. We also noted the Euro historically has a tendency to sell off in January over 64% of the time. So far, that statistic is holding up well as the pair is already down 230 pips on the year.
The break below 1.3600 suggests a test of the next key support level is up between 1.3450-80. If this folds, then 1.3300 is up next. Bears can look for any price action signals on corrective pullbacks into 1.3800.
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