Another failure of 1.1400 looks on the cards but support is close at hand
There's nothing like starting the day in the best of spirits then finding out you car has a flat tyre, you've left your keys indoors and lost a tenner out of your wallet. That's the feeling markets have today as earlier moves go into reverse.
EURUSD could be in the biggest danger of seeing the sell off pick up speed as we see yet another failure to stay above 1.1400.
EURUSD H4 chart
Help is at hand by way of the 200 H4ma at 1.1360 and further support down to 1.3330/35. We'll see stronger at 1.1300. The lower highs are showing that sellers are getting the best of buyers in these rallies but they've not been strong enough to really make a big difference to the overall trend.
My bias is to buy the dips to decent support but I'm becoming increasingly wary about these failures to sustain upside breaks. At some point something will give and the signs are saying that what gives will be the downside.
