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EURUSD Shorts Favored Below 1.2357

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The first setup we’ll look at today is the most basic form of support turned resistance. EURUSD had previously found support at 1.2357. The first time was on November 7th and the second time was on November 24th.

The next key support area comes in around 1.2200, which leaves current prices too far extended to consider a short entry. Therefore we’ll need to wait for a retest of the 1.2357 level, which should now act as resistance.

Summary: Wait for a retest of 1.2357 and watch for bearish price action. Key support comes in at 1.2200, which would leave us with about 150 pips to work with.

EURUSD 4 hour forex chart

NZDUSD analysis

NZDUSD 4 hour forex chart

 

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