Forex Price Action Setup on EURUSD
After struggling to break the 1.3550 level for a little over two days, the EURUSD finally broke the 1.3550 level and closed above the 38.2% fib (of the 1.3950 – 1.3362 downmove) and has held the level.
However, it did form a Pinbar off the 50% fib which is also a decent support level and also the prior 4hr bars high at 1.3649. Watch to see if price rejects off this level for a move back down to the 1.3550 level which was such a sticking point for bulls. A close below 1.3500 should send the pair back down to 1.3400.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book