EUR/USD: Short-term bearish bias but still in overall range-trading mode
I’m still in overall range-trading mode on EUR/USD but the events of last night have given some of the crosses (EUR/GBP, EUR/AUD techs coming later) a short-term bearish feel. I’m sure that bulls will be very confident about buying near the 61.8% retracement and channel bottom which comes in near 1.2755. In the short-term, with the crosses feeling heavy, I’d expect yesterday’s rebound high in London at 1.2960 to provide solid resistance. Therefore, range-trading 1.2750/1.2960 with a short-term bearish bias but a medium term bullish bias is how I read the situation.