Entering into US session, Euro receives a wave of buying in the current 4H. It’s probably already past the first post-ECB selling climax.
Still, upside momentum is not too convincing as seen in EUR Action Bias table.
We’ve mentioned here out hesitation on selling EUR/USD right after ECB as D action bias didn’t turn downside red. And it happened that D action bias is still staying in neutral green.
Though, the overall outlook stays bearish in EUR/USD and it’s just a matter of time for downside breakout. Hence, we’ll stick with a safer strategy to sell EUR/USD at 1.1700, slightly above 4 hour 55 EMA, with stop above 1.1851 resistance.
