EURUSD has failed to break the 1.2500 level for the third time in almost 3 months, we also saw price drop a significant 750 PIPS after last touching that level in July. Even though price has been in a short term range between 1.1000 and 1.2500 and did not actually touch the 1.2500 level this time, price was still extremely close to that level twice before a significant rejection and a 200 PIP drop, which has now resulted in 2 confluences which I believe are good for sells. Firstly the break of the range to the downside with a large bearish 4 hour candle which also closed below the range and the significant 1.1000 quarter point. I now expect to see a retest of the 1.1000 level and a drop to the target area of 1.07942 or lower to test the 1.07500 level.
Trade closed: target reached
Closed within a few pips of target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.