EUR fell sharply in early Japanese trading today, but the decline was short-lived and the single currency is back at the 1.4570 level. The hourly oscillators point up, so there is a good chance that the sideways consolidation from the last week's top has ended. To confirm, we need to see a firm move above the 1.4625 level. On the downside, below 1.4540/35 negates the trend and may see further decline toward 1.4460.
It may very well be that the long position from 1.4570 was stopped out at 1.4505 with a loss of 65 points. Another long position is now favored at market (1.4565). Stop=1.4535. Target=1.4800. There's no question that we are seeing a short, weak uptrend - but don't expect it to last too long.
EUR-USD in Weak Uptrend
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