will There Be A Retest Of Broken Structure?
Yesterday I saw the EURUSD breaking into new lows at an important level of support. At the 1.1190 area which has been tested two times previously to the left.
This being a key level to watch for price to return to. Before thinking about catching any bearish momentum with this pair.
Meaning this area will most likely be an area where there is going to be selling pressure. Which will turn this market bearish again and a new leg with the trend.
With making lower highs and lower lows giving me a bearish bias with this pair.
Price currently now over extended with the fast breakout, I advise to wait for this pullback.
My strategy here will be to use a Forex swing trading entry. Looking for a swing pullback into the broken support to now act as a new resistance.
If you don’t currently use a swing trading strategy with your trading. Then you can read about how to use one in my latest post here.
As I have outlined on the price chart above, I am looking for price to move back higher to catch a price action signal to sell.
Before attempting to trade these types of setups, it is important you have a Forex trading education.
To learn more on the basics of Forex trading, then check out my Basics of Forex trading section within the site here.
Now is your turn to have your say, any questions or comments regarding this potential setup leave within the comment section below.
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