Forex Price Action – EURUSD Inside Bar Breakout | Jan 29th
On the daily chart today, the EURUSD broke above the inside bar from Monday. It did so pulling just shy of support from the prior role reversal level, and then launched higher. Today’s breakout, although a continuation of the trend, is only a marginal break above the inside bar. Intraday charts suggest a continuation, but if there is no follow through today, it could be because buyers thin at these levels.
Key for bulls is holding the 1.3400 level. If pullbacks are corrective into this, then there is a possible buying opportunity here. But should price break back and close into the range of 1.3400 – 1.3250, then we could see a deeper pullback towards the lower level with medium and longer term bulls taking profit.
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