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Forex Price Action – EURUSD Starting to Reverse? | Feb 27th
After holding serve at 1.3000 this week, the Euro has been modestly chugging higher. The 4hr chart has been showing an interesting pattern where it slowly accumulates buyers, only to get slammed by the bears as if they were waiting for an opportunity to sell higher. This has happened now 4x trapping the bulls, with the latest being the most impulsive of the selling.
The pair is now sitting a key role reversal level, but i’m not quite convinced this is the end of the short term bull run. Thus I’ll stick with the downtrend and look for price action signals higher at 1.3300 which was a key resistance level that started the impulsive selling on Monday. 1.3160 is near term resistance while support comes in just above the big figure at 1.3000.
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