Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

EURUSD Inside Bar Breakout | Jan 29th

Hello Traders,

Looking at the EURUSD on the daily chart, it has formed an inside bar breakout, which is a general with trend continuation signal. However the breakout is a little meek, which could just be from position paring ahead of the FOMC tomorrow (see chart below)

inside bar breakout price action

4hr Charts show a small flag pattern, but the fact that the breakout bar did not get a good clearing distance is to be noted.

1.3439 is intraday support for the last flag/ inside bar breakout, but should this fail, then bulls will really be tested at 1.3400.

If this holds, then a retest of today's highs is in order, but a failure to hold here suggests likely breakdown towards the major range support at 1.3250.

Good luck trading tomorrow as I'm expecting it to be a volatile day, but a good one for price action trading.