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EUR/USD Breaks Key Support Level, Bias Intact

EUR/USD Breaks Key Support Level, Bias Intact

EUR/USD – Breaks Key Support, Bearish Bias (4-hour chart)

The euro took out the key support today around 1.0895. This level had held for the last two weeks with the prior two bounces creating a 200 pip bounce. The break and close below it today suggests more bearish momentum is likely with this level becoming an RRL – role reversal level.

The next downside target for the bears is 1.0815 which is a major support level, hence likely some covering of shorts here. If this holds, then we should see a bounce back up to 1.0895.

EUR/USD 4-Hour Chart

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