It looks like 1.12 is to strong resistance for bulls on EURUSD. Quick glance at H4 chart let us see that there is Pin Bar creating in this area. Should there be another move down to 1.11 area?
When we take a closer look we can notice quite big bearish candle which (with wicks) totally covered morning gains on EURUSD. The reason could be strong attack on resistance area just below small Pin Bar from few days before. Price tried to breach resistance of sellers but dollar bulls showed up to be stronger.
Appretiation of EURUSD can be a start for today’s speech of FED chair – Janet Yellen. It is expected that we will hear some more details about conditions needed to hike rates and start normalization of monetary policy in United States.
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