Heavy bearish pressure ahead for $EURUSD. Trade with our Forex signal here:
I wrote last Thursday that if the price remained below $1.0888, it would be likely to fall hard later today, giving another good short trade opportunity. If the price got established above that level, we would likely get a deeper bullish retrace before the downwards movement resumes.
This was a good call as that level certainly did act as a pivotal point last Monday and drove the price down by another 50 pips or so, giving a short trade opportunity as I had expected. The price then more or less got established above that level the next day, and we then saw a much stronger bullish retracement before the price started falling again, as I had also expected.The Euro got a boost from the ECB’s hawkish tilt last week, although.
Since this week’s open we have seen the price reluctant to fall below $1.0900, and it seems as if we may be printing a short-term double bottom. However, this will mean nothing until the price can get established above $1.0960.The US Dollar is so strong that I will be happy to take a short trade if we get a bearish reversal at any of the resistance levels specified above .Top Forex Brokers
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