EUR/USD resilience , awaiting short to revisit 1.0450
Techincal:
1. The chart shows that the price action keeps pressured below 200SMA in 4H chart, and the first week of Asian session shows resilience of EUR vs GBP and commodity currencies.
2. The price structure looks like, it is in the process of consolidation. The break above or a retest toward 1.0600 handle seems unlikely as it had 2 times rejected as shown in the chart above.
Trade ideas:
We opt to favor shorting EUR/USD as it doesn't have any fundamental or market moving catalyst to significantly pushing higher. The break below 1.0450 , opens up the 1.0400 handle.
1. The chart shows that the price action keeps pressured below 200SMA in 4H chart, and the first week of Asian session shows resilience of EUR vs GBP and commodity currencies.
2. The price structure looks like, it is in the process of consolidation. The break above or a retest toward 1.0600 handle seems unlikely as it had 2 times rejected as shown in the chart above.
Trade ideas:
We opt to favor shorting EUR/USD as it doesn't have any fundamental or market moving catalyst to significantly pushing higher. The break below 1.0450 , opens up the 1.0400 handle.
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