EUR/USD has slipped into a short-term downtrend so the bias should still be to sell rallies. Nevertheless, the medium-term trend is bullish so we shouldn’t be getting overly bearish just yet. The market is still primarily focussed on EUR woes but EUR/JPY, which is heavily traded during Asia, hasn’t managed to break lower yet. The fact that there was a new low in EUR/USD overnight is also bearish but the fact that is was only marginal sows yet more doubt.
Confusion reigns so pick a range and trade the edges.
