Daily chart: The EUR/USD found resistance at the 1.2883 level, which will not be easy to break due to weakness this pair has shown in recent days. In this chart, this pair is below the 200 day moving average and is forming a higher low pattern, to accumulate bearish force, to break the support at the 1.2768 level, and to continue falling. It is quite possible that the EUR/USD may rise again until the resistance is at the 1.3027 level in the medium term, but it all depends on economic data to be published this week in the U.S. and in the eurozone. The MACD indicator is in the negative territory.

H4 chart: This pair is trying to break the resistance at the 1.2874 level to rise to the level of 1.2954, very close to the 200 day moving average. In yesterday's session, the EUR/USD formed a support at the 1.2819 level. If it does that breakout, it is expected to fall to support at the 1.2750 level. On the other hand, if the EUR/USD accumulate enough strength to keep rising, it would be possible that the EUR/USD rises to the resistance level at 1.2997, which also has the 200 day moving average. The MACD indicator is in the positive territory.

H1 chart: In this chart, the EUR/USD tries to follow up and was on its way to the resistance at the 1.2938 level, but formed a resistance level 1.2896. If the EUR/USD breaks this resistance, it is expected to rise to the level of 1.2938. On the other hand, below the support at the 1.2870 level there is a Point of Control (POC). If the pair breaks that POC, it is expected to fall to the support level at 1.2811. The MACD indicator is showing signs of great weakness in the bullish trend of the moment (overbought), which support a bearish outlook for the session in EUR/USD.

Fundamental outlook: In today's session no important economic data in the eurozone and in the United States is expected, however, we must pay attention to the speech of U.S Treasury Secretary's Jack Lew, at 14:00 GMT, and the speech of Federal Reserve Bank of St. Louis's President James Bullard, at 15:30 GMT. Both events could generate some volatility in the EUR/USD during the hour.


Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the EUR/USD pair breaks with a bearish candlestick, the support level is at 1.2865, take profit is at 1.2811, and stop loss is at 1.2900. Place buy (long) orders only if the EUR/USD pair breaks with a bullish candlestick, the resistance level is at 1.2896, take profit is at 1.2938, and stop loss is at 1.2865.