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.

eurusd $eur impulsive price action role reversal level feb 27th

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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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  • bufan

    Hi Chris, why do you think this role reversal level will not hold like the previous few?