eurusd failed break of resistance

There EURUSD produced some exciting price action movement last session with the whole government shutdown business in the US. The market shows heavy consolidation on the daily chart right under a resistance level.

The market tried to make a break above the resistance level yesterday but the move was unable to be sustained and ended up becoming a bullish breakout trap. The market shot back down and closed as a bearish rejection candle signal.

This is a higher risk counter trend signal though, but if it does mature into bearish movement, price action traders could potentially position themselves in ‘at the top’ of the market.

Your Feedback is Important to Me - Please Submit a Comment Here...