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Forex Flash: EUR/USD reversal offers interesting setup for bears - Saxo Bank

In view of John J Hardy, Head of FX Strategy at Saxo Bank, "there is a tactical reversal in EUR/USD back below yesterday’s 1.3050 area and have 1.3075 (was a swing area) as a tactical resistance for today, when we are faced with key US Retail Sales data. Lower, there’s the 1.3000 that is a constant false irritant and then the 1.2965/1.2950 support."

John adds: "We need to cut below there to get better confirmation, but today’s reversal does offer an interesting setup for bears that stays intact as long as we remain below 1.3075 tactically."

Forex: EUR/JPY, some downside risk after 126.00 failure

EUR/JPY is entering into a consolidative phase, with the Euro facing serious troubles to extend further up as area of strong supply starting at 126.00 up to 128.00 continues to stall the advance in the pair.
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