The Euro has been a tricky trade of recent times. We were bullish for a long time. Then we turned bearish, then bullish and so on and so on. After the most recent rally, I think we are now bearish. But I think the fact that the trend is getting less and less defined means that we are in tough waters for this trade at the moment.

We have a few important numbers out this week including EUR CPI and US GDP. If we get a spike to 1.1800 I’ll be looking to sell.

To me, the story of the week is in the US as the Trump tax reform edges closer. If we get any major progress then there is every chance that we see the USD charge higher. That to me suggests we are bearish the EUR/USD and should continue to look for opportunities to sell.

These are the key levels of interest to start the week.

Key Support and Resistance Levels