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Short

London Session Watch EURUSD

FX:EURUSD   Euro Fx/U.S. Dollar
There's a multiple-bar inside bar candlestick pattern formed under the 1.2675 resistance level. Then we have a pin bar candlestick pattern that caused a false break of the inside bar pattern. This false break trapped those breakout traders and this bearish candlestick pattern could lead price lower in today's London session. Ideally we would prefer the pin bar candlestick pattern to pierce through the upper band of the Bollinger Band but the current pin bar candlestick pattern could still drive the price lower. Note that the Stochastic indicator and Commodity Channel Index CCI are showing the price is currently overbought which adds fuel to the bears. The Average True Range ATR also shows that the volatility has been increasing in the last two days which is good for the bears. We could have great selling opportunities in today London session with all the indicators supporting the bears.
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