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EURUSD Price Action – Pinbar Rejection At Key Round Number Area

EURUSD Price Action – Pinbar Rejection At Key Round Number Area

EURUSD Price Action – Pinbar Rejection At Key Round Number Area

  • The EURUSD pair has seen a breakout and subsequent rejection from the key 1.3500 handle psychological round number area, as the euro erased intra-day gains versus the US dollar, following a rally to the fresh weekly high of 1.3518.
  • A pinbar formed on the 1 hour timeframe chart during the NY trading session, as can be seen below.
  • The current daily range is 93 pips, 112% of the ADR over 60 days.  Euro/dollar is at present trading up around 0.31% on the daily basis.
  • This 1.3500 round number area had confluence with the 61.8% Fibonacci level; and the 1 hour 200 SMA.
  • Price has subsequently dropped to test the previous resistance area around 1.3427.  These technical points of interest are now seen as key in the near term, with a sustained breakout potentially proving a near term directional bias.
  • The above comes as the USDX (dollar index) is trading marginally higher on the day, just above the 80.00 area.

eurusd EURUSD Price Action   Pinbar Rejection At Key Round Number Area

eurusd price action EURUSD Price Action   Pinbar Rejection At Key Round Number Area

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