We’ve had a bit of strength coming back into the EUR/USD in today's trading. Overall the trend is certainly to the downside and I think it’s just a matter of time until we take out the recent lows and continue a longer-term move lower.

Today there is a big level that I am watching closely – 1.1850. At that point there is a clear resistance level that has been in play for a while now, however on top of that there’s also the 200-SMA which we can see has been one that price has been responding to.

I think that 1.1850 is a good opportunity to sell, for both a scalp today as well as an entry point for a long-term move. Remember we have a current short position open and you can follow it live on our forex signals page.

EUR/USD – 240 min Chart.