A strong start to last week fizzled relatively quickly for the EURUSD. Although the pair managed to close above the 1.1200 handle during Tuesday’s session, the surge was short-lived as the next three days combined for a total loss of 170 pips. Identifying actual false breaks can be challenging. However, given the prominence of 1.1200 since the middle of last year, I’m inclined to believe that Tuesday’s price action was indeed a false move above resistance. Also, false breaks are often followed by a sharp move in the opposite direction, which fits the description of the final 72 hours of last week. But even if that’s true, we still need to ... (Read the full story)
