EUR/USD Prints Pin Bar at Resistance

in forex •  8 days ago 

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Direct from the desk of Dane Williams,
This is not your average forex broker blog.


EUR/USD Technical Analysis

Afternoon team,

We had EUR/USD holding wedge support, but with markets feeling optimistic around recession and trade war risks, we have since said goodbye to support.

Take a look at the higher time frame, EUR/USD daily chart below.

EUR/USD Daily:
190911-eurusd-d1.png

The wedge is pretty clear, with price having broken below the confluence of both horizontal and trend line support levels.

Price then retested previously broken support as resistance and printed a pin bar. A textbook continuation pattern if ever there was one.

It took a couple of days, but it now looks like price is headed lower.

We now look for new lows to be printed.

Best of probabilities to you,

Dane.


Today's Economic Releases

Wednesday:
CNY New Loans
USD Crude Oil Inventories



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