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FX Market Commentary – EURUSD Outside Bar at Channel Bottom | Mar. 26th
After the Mondary carnage selling the pair took on, shedding over 200 pips in a day, the pair has consolidated towards the channel bottom, forming an outside bar. This one highlighted in the chart below formed the days low and high, while closing in the middle.
Translation: there is a strong two-way presence of both sides of the market here (buyers and sellers) which is to be expected.
After such a strong sell off, some ‘re-distribution‘ would be in order. I’m expecting lower prices for the pair so will sell any price action rotations into resistance. Intra-day levels I’ll consider selling are 1.2887 (daily high), 1.2960, or if the pair wants to gift us one – a pullback to the channel top around 1.3024. Downside targets will be 1.2700 short term and 1.2375 for a medium term fall.
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