Having the Eur slide down after investors’reactions to reports that spread that hedge funds were moving their cash out of the troubled German bank, Deutsche Bank. This led to a negative market reaction. The EurUsd had been ranging for the past 3 days prior to the Deutsche bank reports between the previous week’s WM2 level of Support and WM3 Resistance level. It slid down back to the monthly Pivot (Sept), but still managed to bounce back after positive data results from the Euro-Zone, with the German and Spanish CPI data coming higher than expected.

I would consider a short-term out-look of a bullish bias, looking for a re-test at price level of around 1.1200 to buy. I would then expect a break above the current resistance level of where price is currently to open a way for the next hurdle which is a key resistance level of 1.12760 for which I believe the pair is poised for a bullish move beyond.


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