We stated in our last report that "the setback Friday from ahead of barriers at 1.1467 and 1.1500 leaves a negative bias within a very near term range" and the setback from 1.1430/45 Monday to push through 1.1328 lends a still bear bias.
Moreover, whilst minimally below the 1.1534 rebound peak, we see the longer term bear trend as very much intact into the 2nd half of February.
Extremely erratic activity last week, but still capped off by the recent rebound high at 1.1534 for a more defensive consolidation theme to end the week.
We remain of the view stated that "a break above/ below 1.1534/ 1.1303 will likely set the next very short-term directional tone", and the push through the 1.1303 support this morning aims lower Monday and this week.
Sideways activity for nearly a week after the rebound stalled ahead of modest resistance at 1.1515/20 and we see negative pressures whilst below the trend line from late 2014 (at 1.1425) for a roll back lower into early February.
A taster of the report above. To view the full EURUSD report with screencasts, levels and more, click here
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here