New York Session Watch EURUSD

FX:EURUSD   Euro / U.S. Dollar
There is a multiple-bar inside bar candlestick pattern formed under the 1.2675 resistance level . A breakdown of the low of the inside bar candlestick pattern could potentially lead the price lower in today's New York session. Note that the volatility is getting higher as shown by the Average True Range (ATR) indicator, which is good for a breakdown of this inside bar candlestick pattern. The Stochastic indicator is showing the price is currently in overbought territory which adds fuel to the bears. The long term trend is still down as the short term moving averages (10 and 20 period) are still below the long term moving averages (50,100 and 200 period) and the Tenken-sen is below the Kijun-sen as well. With all the indicators suggesting the price will decline, we could potentially have great selling opportunities in today's New York session.
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