Dear Daily Price Action Traders,

Today’s FX Daily Price Action report is coming from the EUR/USD currency pair. There is a clear come-back of sellers and today’s bearish session is giving price action traders a new short opportunity. Initially, in the early session we saw a bearish rejection, which brought price down and by the end of the session closed as a bearish engulfing pattern. Fresh sellers joined forces with the already well-established short sellers and moved price down to the level of 1.2450. From here, we can expect the price to continue its bearish move downwards. I will be looking for an early entry point at this level- 1.2450 with a stop above 1.2580. The primary target would be 1.2360, but then possibly the price can break this support and go further down to 1.2000. In the end, it would depend on the market psychology and the daily price action to determine our next objective or exit point.

Happy Trading,

Colibri Trader

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