The euro continues to face significant bearish pressure, given that we have had a consistent sell-off for the past 5weeks and with this week still closing slightly below the close of last week and also ending as a pin bar off the dynamic and horizontal resistances, more bears should be expected in the coming weeks.
The daily chart shows that the euro still frets about support. I pointed out a bullish double bottom/outside bar setup on it last Thursday but advised that we stay neutral and wait for a bullish confirmation on the daily or 4hour intra-day time-frame. So far, that hasn't happened, instead, priced pierced the previous double bottom low, an indication that the bears are still very much in control.
My Recommendation: Wait for stability and a good price action setup on the daily chart.
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