EURUSD: Bearish Pin Bar Threats Bullish Correction. Eyes on 1.1175 with a breakdown to retest 1.1120
EURUSD: Bearish Pin Bar Threats Bullish Correction. Eyes on 1.1175 with a breakdown to retest 1.1120
The EUR/USD pair struggled to keep its bullish short-term phase yesterday, climbed to 1.1265 but the upward momentum was short-lived as price reversed to the downside after the FOMC and closed at 1.1195, printed a bearish pin bar as you can see on my daily chart below.
With the fact that the bearish pin bar appeared just below the falling trendline, the bullish correction is now in jeopardy. The bias is bearish in the near term, testing 1.1175 support area. A clear break below that area would confirm the bullish correction invalidation to target 1.1120 key support area which remains a good place for a long position with a tight stop loss as a decisive break below 1.1120 would confirm resumption of the major downtrend theme.
On the other hand, a failure to clear 1.1175 support would keep the bullish recovery in play pushing price back towards the trendline barrier once again.
Source: https://fxinstructor.com/blog/eurusd-bearish-pin-bar-threats-bullish-correction-eyes-on-1-1175-with-a-breakdown-to-retest-1-1120
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