Price Action – Euro Daily Engulfing Bar Challenges Bulls | Apr. 4th

Verified Profitable Trader

Building some bullish under pinning that I’ve been talking about in my FX market commentary, the pair launched higher on Mario Draghi’s ‘No Plan B’ comments, gaining over 130+ pips on the way. Both the daily and 4hr candles printed engulfing bars at the yearly lows showing the multi-time frame strength of this reversal.

This changes the dynamics of the price action short term, as its closed above the daily 20ema (marginally) for the first time since mid-Feb. I’ll still consider selling the pair around the channel top just under 1.3000 with tight stops above. Should this fail, then 1.3100 and 1.3150 are up next, while if this holds, then 1.2875 and 1.2750 will be under attack again.

engulfing bar reversal price action pattern euro 2ndskiesforex,com

For those wanting to learn to trade price action, access to the traders forum, lifetime membership & more, visit my Price Action Course page here.

I just launched a Free Forex Beginners Course for those just getting started in the forex market so make sure to check it out.

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article