If you’ve been following my updates recently, then you would know that I’ve been pretty bearish on the EUR/USD. I think it is only a matter of time before the bottom falls out of this one and we break through 1.1700.

In Asian trade today it does look like we are grinding a little higher and have based a touch on the 240-min chart. That said I will be targeting the 1.1775 level as my area of interest. If we get bearish price action then I think that might be the best place to look for a short as we roll on into the European open.

With the ECB interest rate decision due out later this week, we might be biding our time here, however, there isn’t all that much that is being predicted to come out of it.

EUR/USD – 240 min Chart.