Price Action – EURUSD Forms Inside Bar After Getting Hammered | Feb 7th
Post the ECB rate decision and news conference, the Euro got hammered for 180 pips over the course of a few hours to close the London session down. Since then on the 4hr chart it’s formed 3 inside bars back to back to back, or an ‘iii pattern‘ hovering just above 1.3380.
This level is looking tentative at best, so if it cracks, then expect a rotation down towards 1.3300 before finding buyers. If this level holds, then 1.3463 becomes resistance where bears can look to sell. Only a sustained break above here would lend itself to a more short term bullish bias, but ours remains down for now.
If you want to learn to trade price action, learn rule based systems, get access to the traders forum, lifetime membership & more, visit my Price Action Course page here.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book