FX Price Action – EURUSD Continues to Get Hammered | Mar. 19th
How can we not talk about anything else with the EU taking center stage? Today the pair resumed it’s selling, which was preceded by a large pin bar off the 4hr 20ema, followed by an ‘ii pattern‘ (back to back inside bars with the latter inside the former).
You will see two key points in the chart below, which is a) the gap was only half filled, and b) the buying was corrective, which was folled by impulsive price action selling. This is a typical price action pattern you can use to get in with trend moves like this.
The pair currently is hovering below the lows, but intraday resistance comes in at 1.2890, 1.2920 and 1.2950 where the impulsive selling started. Thus, look to sell on any corrective pullbacks into those levels, targeting a much deeper sell-off towards 1.2690 and potentially 1.2400 should the situation in Cyprus deteriorate further.
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