EURUSD – Break and Hold Above 1.3200 Showing Bullish Potential
Although in a medium term range, the EURUSD has been sustaining itself recently above the key 1.3200 level, showing consistent follow through after a breakout structure produced higher prices. Now the pair is pushing up against the 1.3273 level and showing the potential for another intra-day price action breakout.
Notice the several rejections off the inta-day resistance with each rejection getting weaker (sellers being absorbed by the buyers), along with holding above the 20ema after a short move below and quick recovery. Should this intra-day price action breakout setup materialize, then 1.3303 will be under attack next, with a potential follow through move up towards 1.3363. A 4hr close below 1.3200 will likely change short term sentiment to bearish.
Original post
Although in a medium term range, the EURUSD has been sustaining itself recently above the key 1.3200 level, showing consistent follow through after a breakout structure produced higher prices. Now the pair is pushing up against the 1.3273 level and showing the potential for another intra-day price action breakout.
Notice the several rejections off the inta-day resistance with each rejection getting weaker (sellers being absorbed by the buyers), along with holding above the 20ema after a short move below and quick recovery. Should this intra-day price action breakout setup materialize, then 1.3303 will be under attack next, with a potential follow through move up towards 1.3363. A 4hr close below 1.3200 will likely change short term sentiment to bearish.
Original post