Due to the continued political uncertainty within the eurozone, along with comments from policymakers that there is no need to change interest rates, I remain a bear on the euro, and thus will be looking for trading opportunities throughout the day.

Eur/Usd daily chart

Price has come off MM3, with target then of MM1. on this time frame we are still trending to the downside, with lower lows and highs. Furthermore, the 21 and 55 ma's are still indicating further bearishness. closest resistance is around the 1.0600 handle, and that is where I will look for entries.

Eur/Usd h4 chart

Price has opened the week just below WM3, thus potential bearish target lies at WM1. Price is also still trending on this time frame, although strength of bearishness has diminished, as price has broken above the 21 ma. I will look for an entry around the WPP area, which is also within the 50-61.8% fib retracement level, and is also the 1.0600 handle.

Eur/Usd h1 chart

Price is opening up above dpp, signalling possible bullish continuation, furthermore, the 21 and 55 ma's have crossed to the upside, thus I will be cautious with my entry. My entry point will be around DR1, which is also the 61.8 fib, role reversal support turned resistance, as well as the 1.06000 mark. This is a nice area of confluence, and this is where I will look for reversal patterns on lower time frame charts.

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