[EUR] Short Bias

EUR/USD 4-hour chart, souce: forexfactory.com

EUR/USD weekly chart, source: forexfactory.com

One of the major currency pair EUR/USD build the downward pattern, Head-and-Shoulder pattern two weeks ago and attempted a downward pattern such as H&S pattern or Double-Tops pattern last week in 4-hour chart. The pattern in last week wasn't completed but it implies the short bias this week, I guess. If I trade this pair, I will get the short position.




I think the short bias is available in short term and is effective mid term, too. It is drawn from the weekly chart of EUR/USD. There is the resistance band formed about 1.15 since last year. It seems to be difficult to break through at one breath. After some attempts of it, the trend of the pair will be determined, I think.




U.S. stock market recorded triple crown last Thursday. Dow Industry Index, S&P 500, and Nasdaq recorded high. Triple crown is recorded since 1999. Minus interest rate and the risk on bonds led the rally in the stock market, economists guessed. There is the possibility of U.S. Fund rate rising in the year, too. John Williams, San Francisco Federal Reserve Bank President said that it was suitable to raise the interest rate in this year, press reported on last Friday.

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