Despite morning star formation eur/usd pair went
above Asian session highs and reversed. A tiny pin formed on 15 minute chart
indicating some selling pressure coming near 200 ema, but that was not very
strong signal to sell so I did not take any action on that.
You may also see that Euro is not exactly going down
below today’s low. If it stays above 1.1060 level throughout European session
and forms a reversal pattern I might attempt a small long around 1.1070 level
with a stop below 1.1050.
The technical picture is not that clear with Euro as
it is with British Pound, which is soaring on positive UK CPI data. We will
probably have to wait for news from US to see whether rate hike is contemplated
in the heads of FED guys or not.
If not, not only Pound, but Euro also will rise
versus US dollar. Next level of resistance for Euro is 1.1100 area. We have
even number there and 200 sma on 15 minute chart. These should stall any Euro
advance for today.
Intra day trend is slightly bullish if above 1.1050.
Pound/US dollar pair is clearly a better instrument for day trading this week.
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