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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.
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