FX Price Action – EUURUSD Offering Breakout Pullback Setup | Mar. 27th
Continuing the downtrend as I’ve been stating in my FX market commentary, the Euro has continued to suffer from the Cyprus bail-in and capital controls which has now opened up pandora’s box and a capital flight risk out of the entire EZ. I think this will continue to weigh on traders and investors globally, so will expect continued pressure on the pair.
With yesterday’s consolidation, we now have a short term resistance level (yesterday’s support) to look for a breakout pullback setup now that the 1.2827 support has been broken. So watch for price action signals to sell here on corrective rallies, or potential deeper pullbacks towards 1.2884 to sell, targeting 1.2675, and potentially a much deeper move lower towards 1.2375.
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