EUR/USD Signal Update
Yesterday’s signals were not triggered and expired as the price did not reach 1.2759 during the London session.
Today’s EUR/USD Signals
No signals are given today.
EUR/USD Analysis
We did hit the 1.2759 level yesterday and as I expected this area has so far proved to be resistance. The four hour chart below shows that we may have formed a double top there and the longer that this level holds, the more likely that the next minor move will be downwards. This suggests a downwards move today.
There is minor support in the area a little above 1.2600, which would be a logical area to strongly consider taking profits from any short trades.
However as we have just hit 1.2759 I would not look to try to get short if we were to return to this level today.
There are no good flipped supportive levels before 1.2500, so I do not see any logical places to look to get long that can be identified in advance.
Looking at the bigger picture, EUR has been a little bullish during the past few days. There is a chance it might be getting ready to make a major pullback after its prolonged move down, but this might be some way ahead.
There are no high-impact data releases concerning the USD scheduled for today. Regarding the EUR, there will be a release of German ZEW Economic Sentiment data at 10am London time. The first half of the London session is likely to be active.