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