The upper resistance levels held yesterday and an engulfing negative close on EUR 1hr was a signal to sell.
GU - D negative close from the reject of upper resistance level. Neither the 4hr or 1hr are what I would describe as clean moves. Bias would be down today but in light of recent price action anything can happen.
EUR - D engulfing negative close. The support level from the W pivot failed.
Bias to more downside. There is a support level around 1.2500/2480. If the big boys are selling off their EUR short positions as per the COT report then you'd expect rallies after dips. Decent two way trade at least. For short term trading will follow 1hr lower high lower low flow until this turns around. The size of the big boys short EUR position could easily result in further moves down, they will need to be offloaded.
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