EUR/USD Bears Are Under Control
The absence of any important data today and NFP on Friday could bring EUR/USD down. In addition to that the solvency of DB is likely to impact the Yen pairs, which seem to have strong correlation with Equities, in particular, the risk-off and risk-on volatility across German Equities.
Technically the pair is showing bullish daily candle but we should not be deceived as it might be just a profit taking candle on Friday and institutional traders might start to sell the pair from POC zone 1.1248-60 (61.8, trend line, historical sellers). Rallies might be used for another sell off towards 1.1200 and 1.1170-50. 4h close or H1 momentum below 1.1150 should target 1.1100 zone.
Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets.