Forex Price Action – Euro Approaching Double Top | Oct.16th
Climbing quite aggressively over the last day and a half, the Euro is quickly approaching a key double top at 1.3166 where it formed a large engulfing bar reversal, selling off 350+pips in less than two weeks. Traders will have to watch this level as its very possible bears are parking orders there, or willing to sell on weakness leading into the level. Should it break this level, watch for a potential breakout pullback setup with a 4hr close above, but there are plays on both sides here.
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