EURUSD - Short-Term Corrective Structure & Support Broken
|Price Action Context
The corrective pullback towards the resistance we mentioned on the 15th of January lead to another impulsive sell off, so congratulations to those of you who were able to catch this move. The impulsive selling was followed by another corrective structure at support which today got broken to the downside by another bearish impulsive move.
Trending Analysis
The bearish impulsive/corrective sequence clearly communicates that sellers are in control and that we’ll see further selling short-term. Bears can look for potential trading locations on weak pullbacks into the broken support which now should act as resistance.
Key Support & Resistance Zones
R: 1.1066 – 1.1085
S: 1.0980 – 1.1000
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