EURUSD – Mild Bearish Bias but watch the USD Index today

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EURUSD – The overnight dip was bought but the rally was also sold yesterday resulting in EURUSD posting little net change for the day. We should look (again) to the USD Index as bullish price action has stalled close to 82.00, 61.8% pullback of losses from 84.10-78.60 (a prime level for a change of bias). However, there is no clear sign that the trend has reversed in EURUSD but, with a Doji Day being posted, we express caution for the bears today. Our first resistance is at 1.3116 so we will look to this level to get short (but the reaction may be limited). The call. The profit targets will be: 1.3060, 1.3018. A move beyond this level is unlikely but the market should look towards 1.3000

Resistance levels are: 1.3116, 1.3133 and 1.3150.

DX