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Euro Forms Huge Bearish Engulfing Bar Off Resistance

Yesterday I wrote in my price action commentary the Euro will probably rally and find bears parked at 1.3000 wanting to sell the pair intraday. This is exactly what happened as the pair went just a few pips past the big figure, then went south over 60pips in less than a few hours forming a huge bearish engulfing bar in the process.

Although the pair is forming HL's (higher lows), communicating its intention to make an upside break, bulls should test the level one more time this week. Another failure however will likely send the pair lower, back towards short term support at 1.2881 so plays on both sides here.

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