EURUSD Sell Level Holds & Profits Heavy | Jan 22

EURUSD – Hits Multi-Year Lows Thanks to Draghi QE (1hr chart)
Earlier this week we talked about selling at 1.1645. That yielded a decent profit yesterday, but today was the big kahuna with the pair now +300 pips lower.

As you can see from the chart below, our key resistance and sell level held nicely today, with offers dominating post ECB announcement. Anyone who traded this would be in a huge profit now.

I’m looking to sell on rallies into resistance, with the first pullback level being the prior support at 1.1460. 1.1545 may also hold, but I don’t see the Euro getting much past this.

Downside targets are now 1.1250 and 1.10. To be honest, I’m expecting the Euro to minimally hit 1.07 by Q2 and potentially parity by the end of the year.

eurusd

Also in today’s trade setups commentary, we cover the GBPUSD, EURGBP, USDCAD, NZDUSD, GOLD & DAX. Click here to become a member.

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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