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.

eurusd false break long term trendline price action 2ndskiesforex jan 2014

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  • JH

    Interesting analysis. In the last sentence, do you mean corrective PB into 1.38 or into 1.36? Because you were talking about the break of 1.36 just before that. Many thanks!

  • zahid

    Dear Sir,

    interested analysis , but USA data bad now market 1.3680 , market again touch 1.3800-1.3900 ?