EURUSD started off last week strong with a 130 pip rally, however things quickly turned south during Thursday’s session as the pair carved out a bearish engulfing pattern on the daily chart. By the end of Friday’s session, the bears had wiped out the early-week gains and then some. The price structure on the weekly chart tells the story, which shows a bearish pin bar off of the 1.1465 area, a level that has rejected advances in February, May, September, and now October. While the price action inside of the ascending channel that began in March may provide favorable opportunities, I still prefer the idea of waiting ... (full story)