Tuesday, March 4, 2014

EurUsd bearish?

This pair was on an irregular trendy bearish wave pattern from mid-December 2013 to late January and early February this year before it commenced on a sweet bullish run to 1.377s and it remained there to form a resistance. It broke this level on Friday 28th February with a long bullish candle to retest the 1.38 - 1.381 resistance formed on December 2013

We have seen this week, so far, how price reversed below this level and formed an inside bar and pin bar set ups.

I expect price to retest 1.3755-1.3770 or a little bit more before it starts the bearish reversal to 1.366s-77s and the stop loss could be above the middle candle.This scenerio will be invalid if price returns to 1.38100 with a high momentum.

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