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FX Price Action – EURUSD Channel Still in Play | Mar. 14th
After pulling back consistently anywhere between 140-160 pips before selling off massively, the EURUSD has been stuck in a structured channel as of late which is still sloping downwards. Although this communicates the selling for now is a little tired, it rarely marks the end of a downtrend until we see a counter trend impulsive price action move which should take out a major swing high (i.e. around 1.3150).
Thus, i’ll look to sell the pair on moves back into 1.3100 and 1.3150, for an eventual retest of 1.2900. A break back above 1.3150 would likely push the pair to test 1.3300, but selling is preferred for now, as for the month of March, only one bull day has been followed up with another bull close.
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