By: Colin Jessup
Today's daily EUR/USD chart has given us a great bearish continuation formation. Price action hit a high of 1.3690 before falling and closing below the resistance level (1.3649) with a low of 1.3532. We have some support levels at 1.3525, 1.3490 and 1.3450 below that. 4 hours into the Asian session we are seeing price action moving upwards, which as we all should know, does pretty much the opposite of whatever UK/USA session accomplishes. Price is likely to fall towards the end of the Asian session, or after the UK open. If however, price turns bullish we will see resistance above at 1.3580, 1.3615 and 1.3649. A word of caution, we have the EMU's Industrial Confidence numbers and hte USA's GDP report coming out tomorrow.