EURUSD Break of Daily Strcuture
Last week was saw the EURUSD currency pair indicate a medium term reversal with the double top on the Daily time frame. The double top was confirmed when the pair made a new lower low at 1.2150 in comparison to the previous daily low at 1.220 as marked on the chart. Although we have confirmed a reversal, the pair swiftly popped up just shy of 200 pips during the last 2 days of the trading week. This to me has indicated that we are likely to see bullish continuation towards our monthly resistance level of 1.25 before we eventually form a lower high and continue to the downside. I would not take any long positions on this pair, moreover, I would wait till price approaches our resistance zone, and go short in that area with stops being placed right above the previous daily high at 1.256. As the set up plays out, I will post the trade setup here. Thanks.
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