EURUSD is looking bearish still, even after quite a rally too.
Notice the last round of buyers is quickly met with sellers with the bearish bar engulfing the previous bullish bar. Buyers made one last attempt to push the price up. It was soon met with resistance and sell orders flooded. This effect is expected to be magnified as buyers close out their longs by selling. Currently we are eyeing the bearish bar in formation actually. Notice large upper candlestick tail followed by a much smaller body. Anywhere above 1.2890 is pretty much resistance, putting sellers in control.
As of the moment, a sell stop has been placed in order to confirm this move. Canadian core sales data are about to be released. Flash Manufacturing PMI data is about to be released following an FOMC speech. Right now, quite a bit of fundamentals are at play and so best if we confirm this bearish move rather than take an early entry.
