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hello everyone ,,
EURUSD caved last week after once again testing channel resistance that extends off the December 2015 high at 1.1058. A closer look at the 4-hour chart shows a bearish pin bar that formed following a retest of the key level, a trade that several of our members were able to capitalize on.
From here, things become fairly straightforward. A close below the trend line that extends off of the January low would expose the 1.0710 handle followed by channel support near 1.0640.
Alternatively, a close above six-week channel resistance would open the door for a move to the aforementioned 1.1058. That said, the bigger picture continues to favor the downside.
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by Justin Bennett
EURUSD caved last week after once again testing channel resistance that extends off the December 2015 high at 1.1058. A closer look at the 4-hour chart shows a bearish pin bar that formed following a retest of the key level, a trade that several of our members were able to capitalize on.
From here, things become fairly straightforward. A close below the trend line that extends off of the January low would expose the 1.0710 handle followed by channel support near 1.0640.
Alternatively, a close above six-week channel resistance would open the door for a move to the aforementioned 1.1058. That said, the bigger picture continues to favor the downside.
==========
by Justin Bennett
