The Euro continues to remain bearish on a technical note. Tonight, we will take a look at both the EURUSD and the EURJPY pairs.
Sunday night’s open resulted in little change as indicated by a rather small bearish inside bar.
Given the continuation of today’s bar crossing below the previous close, I look to catch the next leg of a bearish close. As mentioned in my earlier post, the price level at the 1.115~ remains rather weak given the way it broke out above. I still consider it to be highly likely that it price could cross below it.
Over on a lower time-frame, it is a bit concerning to see this movement. It’s a slow and gradual sell-off that looks rather weak given the span is about an 10 to 12 hour period. Keep in mind that I am using a 2-hour time frame mainly to reduce the amount of noise over on the hourly time frame.
Similarly, the EURJPY also crossed below a key level over on the daily time-frame. However, this cross remains as a consolidation until today where we see the opening bar lower while still awaiting confirmation for a closer lower.
The second test at the resistance turned support price level at 122.5~ remains weaker on the second re-test producing a much smaller bullish move afterwards.
Over on the hourly time-frame, we begin to see some mixed signals. The first is this pair is bounding off the lower range, which I did not draw out. However, you can see the bottom range zone by eye. The most recent zone is a key one to test out in discovering if this level will hold up. Both zones currently overlap the daily level adding a key price level to monitor as it affects all time frames.