FOREX Chart Of The Day: Is EURUSD Still Bearish
Is #EURUSD still bearish?
Find out in our latest video if the currency pair remains bearish.
Watch now to learn more…
Hi, and welcome to Blueberry Markets update with me, John Kibbler, Head Currency Analyst.
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In this video, we’re going to take a look at EUR/USD as the price found some resistance, and it’s breaking to the downside.
The EUR/USD was on our list in the Forex Market Outlook for some short opportunities, and we looked at the potential for the market to come back into that 1.2268 level, which is here. However, the price hasn’t made it. Instead, it traded within this lower low, lower high pattern, came into those previous structure lows and has rejected it today, then we started to see the price drop to the downside.
If we do start to find a little bit of support in this little consolidation area, we could expect the market to rally back up, which is what I’m looking for on EUR/USD. I’m looking to see if the price can come back up and retest this previous area to then look for a continued short position and you get the early test of a level; the market will then come back, retest and it goes again. We can see that that has happened over here, recently, at that 1.2268 level.
I’m interested in shorting EUR/USD. The daily closing bearish is only going to help with the opportunity to go short. We are approaching this area, where the market has found resistance and support in the past. We could find this to be a little bit of a sticking point.
I’m going into that 15-minute timeframe. We can see here, today, at that level that the price did start to accumulate. We typically look for the market to pull back into the level and look for the continuation to the downside. We spoke about EUR/JPY and the fact that if the price breaks out of this area, we’re going to look for the price to trade back within.
Now, we’ll go to the 15-minute chart – let’s zoom out slightly. If we look at this 1.2265 area, the market accumulated here where the institutions are doing business in the markets. We broke to the downside, the price came back up into that 1.2665 found rejection and moved nicely towards that 1.2626 where you can see the market bounce perfectly off of it and could now potentially, reverse back towards this 1.25-1.2665 area or it could continue down.
So, I’m looking for the same situation here with EUR. The price accumulated at these highs, here, so if the price can get back to that 1.2214, that would be a good area to look for going short on the market in the short-term.
Thanks for watching this video update, and I’ll speak to you soon.
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