EURUSD Price Action – Trying to Clear Key Resistance Level | Jan 19

Verified Profitable Trader

EURUSD – Attempting to Breakthrough First Resistance Zone (4hr chart)
Continuing from the yearly lows printed on Jan 16th, the Euro is now testing the key resistance level at 1.1645. Medium term I’m still bearish, and I’m guessing there is some profit taking and covering of shorts heading into the ECB meeting this week.

Trading should thus be light till then, but I’ll still look to sell from resistance. Only a daily close above 1.1750+ negates the bearish trend structure short and medium term.

Any massive selling post ECB meeting would mean 1.15 and 1.10 will likely be under attack.

eurusd

Also in our members commentary, we cover the GBPUSD, USDJPY, USDCAD & EURGBP. Click here to become a member.

Don’t forget to read our latest article A Trading Mindset: Books to Give You A Mental Edge

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article