Price Action – Euro Forms Huge Engulfing Bar off Resistance | Nov. 29th

Verified Profitable Trader

The Euro has been good to us this week as yesterday I wrote in my price action commentary price will likely rally and find bears looking to sell the pair at 1.3000.  This is exactly what happened as the pair went just a few pips past the big figure, then sold off 60+pips in less than a few hours from a huge bearish engulfing bar.  Sequentially, the pair is forming HL’s (higher lows), suggesting it wants to make a break to the upside.  The bulls should test the level one more time this week, and a failure again will likely send the pair lower, back towards short term support at 1.2881 so plays on both sides here.

eurusd bearing engulfing bar price action trading nov 29th

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

Upcoming Economic Announcements:

GBP GfK Consumer Confidence Survey 19.01EST
JPY Annualized Housing Starts 00.00EST
EUR German Retail Sales (YoY) 02.00EST
EUR Italian Unemployment Rate s.a. 04.00EST
EUR Euro-Zone Unemployment Rate 05.00EST
CAD Gross Domestic Product (YoY) 08.30EST
USD Personal Consumption Expenditure Core (YoY) 08.30EST

Make sure to check out my newest article on Ichimoku Price Theory.

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

Related Article