EURUSD – Weak Bounces, Likely Breakout Soon (1hr chart)
As we’ve been writing in our prior commentaries, the Euro is in a bear trend and selling at resistance has been the suggested way to trade this pair. Today the Euro continues to attack the ST support around 1.1750 with weak bounces off the level, suggesting a likely breakout setup soon.
If the key support level breaks before we get a decent rally to short, then look for a breakout pullback setup. Downside targets are 1.1650 and 1.15, with the potential for a move down to 1.10 and 1.0750.
Also in the members trade setups commentary, we cover the GBPUSD, GBPJPY, USDCAD, USDJPY, WTI. Click here to become a member.