EUR/USD ran into an obstacle

EUR/USD ran into an obstacle

Trade idea

SELL 1.1327; TP1 1.1305; TP2 1.1275; SL 1.1340

EUR/USD ran into a bunch of resistance levels between 1.1375 and 1.1420. On D1, there are two pinbar candlesticks with long upper wicks. This is a sign that traders are actively selling the euro on its attempts to recover. There’s nothing overly surprising in that: the single currency awaits the ECB meeting on Thursday and dovish comments are expected from the regulator’s head Mario Draghi.

The pair closed this week's bullish gap very fast. The dip below 1.1330 will make it vulnerable for the decline to 1.1305 and 1.1275. The short-term resistance is located at 1.1350.

eurusd h4.png

Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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