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EURUSD Clearing the Way for a Retest of 1.0465

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As a follow up to last Thursday’s commentary regarding EURUSD, the pair has now breached last week’s lows at 1.0800, closing the day at 1.0730.

The initial setup last Thursday was the bearish engulfing pattern that formed on the daily chart. The candle had broken the 1.0904 key level and thus provided us with a valid sell signal.

The play was to sell on a retest of 1.0904 as new resistance, which was triggered the following day when the pair traded as high as 1.0947. The market ran into a wall of sellers shortly after, falling back below the key resistance level to end the week.

With last week’s lows taken out, the pair should now find sellers in the 1.0800 region, which could present another selling opportunity for those looking to pyramid.

The next key level of support comes in at 1.0640, however the pair stands a good chance of retesting the 1.0465 level in the coming days if the bears can get behind this move.

Summary: Look for EURUSD to find resistance around 1.0800 over the coming session. Key support levels are 1.0640 and 1.0465.

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