Is it time to short #EURUSD?
The #forex pair has broken below the key level pointed out in the #forex market outlook and could be about to fall.
Watch the video to learn more…
Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.
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In this video, we’re going to go over EUR/USD. It was featured in the Forex Market Outlook yesterday.
We’re looking for the potential of a breakdown of 1.2286, and the price has finally broken through that level of interest, making this the most traded level of last week. The market came to it, broke through it initially, and as we said in the previous video, that price might extend above that into that 1.23 area because the market was finding some resistance at this point. The market did extend above that level, hit that 1.23, and we’ve recently rejected that point.
What’s quite interesting to know is that if we go down to the 15-minute timeframe, we can see, here, that the price is starting to change cycle. We had this almost two levels of interest where the market was finding resistance, support, resistance, support, then almost created this tight trading range. But, now the price is breaking through that level. We can start to look for the retest and the continuation down into our support’s next level, which is 1.2234.
So, the action plan for EUR/USD now is to see how the price closes here. If we get two confirmed closes below this 1.2286, what I’ll be looking for is a pullback into the level. If we get another rejection of the level, I’ll be looking to take short position down into 1.2234.
Thanks for watching this video update, and I’ll speak to you soon.
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