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EURUSD London Session Watch

FX:EURUSD   Euro / U.S. Dollar
The most traded pair has multiple inside bar candlestick patterns just below the 1.3160 resistance level . EUR/USD is still in a strong long term down trend 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 remains below the Kijun-sen which also shows the bears are still in this market. The current support level is at 1.3110 and resistance at 1.3160. If the price manages to break this inside bar candlestick pattern, we could potentially have buy or sell opportunity depending on the direction of the breakout in todays London session. The long term trend is still down which may translate into higher probability of price breaking lower but until then, we remain neutral and prepared for breakouts.
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