EURUSD – Euro/dollar hits key resistance after surge higher
The EURUSD continued pushing higher Friday, testing the key resistance up near 1.3893 before backing off the highs and forming a bearish pin bar into the week’s close. It’s important to note that this is a counter-trend pin bar and we’ve just seen a very strong push higher, so any pullbacks from here could be limited to the 8 day EMA or the 8 / 21 day EMA layer. Thus, this week, we will be watching for price action buy signals from the 8 / 21 day EMAs if the market rotates down from Friday’s pin bar, in order to look to rejoin the uptrend from value / support.
The EURUSD continued pushing higher Friday, testing the key resistance up near 1.3893 before backing off the highs and forming a bearish pin bar into the week’s close. It’s important to note that this is a counter-trend pin bar and we’ve just seen a very strong push higher, so any pullbacks from here could be limited to the 8 day EMA or the 8 / 21 day EMA layer. Thus, this week, we will be watching for price action buy signals from the 8 / 21 day EMAs if the market rotates down from Friday’s pin bar, in order to look to rejoin the uptrend from value / support.