EURUSD Bearish Pressure Remains Despite Recent Bids. Click Here>

On Tuesday I mentioned the key inflection point on EURUSD near the 1.1200 handle. Shortly after that commentary, the single currency sold off against the US dollar, closing the day in the red by 78 pips and engulfing the previous two sessions in the process.

However, Tuesday’s session closed just 14 pips above the 1.1060 level, an area that was likely to act as support. The proximity to 1.1060 rendered any attempt at a short position unfavorable.
The question now becomes – is the bearish engulfing candle a sign of what’s to come or will buyers at 1.1060 overcome its technical implications?
While it’s too soon to make that call with any degree of confidence, my bias remains weighted to the downside.
My reason for this is simple. The post-Brexit close below channel support that extends from December of last year casts a bearish shadow over the pair. As long as former support holds as new resistance on a daily closing basis, this bias will remain.

 Guys also like Our Facebook page and Twitter page, get Update daily analysis:
 Facebook page: https://goo.gl/3GyJ9E
Twitter page:  https://goo.gl/PCNfER

 Stay With us.
Thank you.
JB