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In trade yesterday, it was really more of the same for the EUR/USD, with any attempts to rally quickly getting knocked back down to earth. This is the type of price action that I like to see, as it tells me that there are sellers ready and waiting and each of the important levels.

On the 4-hr chart both the 50 and 200-SMAs have been good levels to look at at various times. Yesterday we spiked perfectly into the 50 before selling off. Today I will be watching that same area again, however this time we also have the 1.1800 level to help us also.

If we can get our price I will be looking for a move to 1.1737 and ideally lower.

 

ECB Interest Rate Decision

Remember that we have the ECB interest rate decision on Thursday and that might potentially slow things down today. I don’t expect much to come out of it overall, however markets are often weary in the lead up.

 

EUR/USD – 240 min Chart.