EUR/USD

The chart pattern and overbought indicators evident on the 60min charts do make this
look a little wobbly today. Also the long term 50% fib level of 1.3805 also looms large in
the background.

Although the daily charts do still favour a move topside there should be some corrective
pressure this morning to ease the overbought conditions on the 60min charts. The  stochastics on the 60min also are pointing lower adding to the short term bearish view.
However at this point the dailies still show strength so apply the same strategy as yesterday, buying into weakness. 1.3725/00 remains support from 1st short term fib level and also this coincides with the daily pivot point. Sellers will be aware of this and will cover to these lows... Only a break of 1.3700 sees further selling leaving 1.3635/10 then as your short term target.

Resistance remains as stated at 1.3805/20. Sellers will be here. Only a break above 1,3855 negates further selling, leaving 1,3930/40 then targeted.