EUR/USD Signal Update
There are no outstanding signals.
Today’s EUR/USD Signals
No signals are given today.
EUR/USD Analysis
Yesterday I wrote that it was probably a little too early to get short of this pair and that turned out to be correct. The price did make a stab down to just below 1.1270 following fairly aggressive comments made in the Greek Parliament about debt and German issues, but as New York opened the price reversed and rebounded fairly emphatically by about 70 pips. The price has fallen since and is currently at around 1.1320.
The market is awaiting the Euro group meetings tomorrow which are quite likely to provide some direction to the Euro. Right now, this pair is more about the Euro than the USD.
Turning to the technical picture, although we have a ranging “barbed wire†candlestick pattern on the daily chart, dropping down to a 4 hour chart shows a more detailed picture. We have broken below a short-term bullish channel, and seem to be in the process of establishing a bearish channel, as shown by the trend lines in the diagram below. There is also an early indication that 1.1350 has been established as a new flipped resistance level.
As the market is in waiting mode, we are very likely to remain within these technical constraints until tomorrow, so no signal is given today.
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There are no high-impact data releases scheduled for later today concerning either the EUR or the USD. Therefore it is likely to be a very quiet day for this pair, unless there is unforeseen news.
