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EUR/USD: Only below 1.2360 resumes bear trend - 2ndSkies

FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies Forex, only a clearing of 1.2360 would resume EUR/USD bear trend, while bulls have a mission to overcome resistance between 1.2560 and 1.2620.

Key Quotes

"Early in London trading the Euro pinged off the 1.2560 intra-day resistance level, and has since sold off aggressively, losing over +120 pips in the process. The pair formed a pin bar rejection off that key level with the pair now printing an inside bar into the New York Forex Close."

"For now, we still have a range-bound environment between 1.2560 and 1.2366 ST. Buyers may consider entering long on a weak pullback into the support, while bears will want a corrective pullback heading into today's highs."

"Only a clearing of 1.2360 resumes the bear trend. Bulls have some stiff resistance between 1.2560 and 1.2620."

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