EUR/USD Prints Pin Bar at Resistance
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:
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.
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Market Analyst and Forex Broker.