Article originally published on innerfx.com and republished here with permission
Good morning. Euro recovered some ground across the board mainly due to EURJPY rallying on prospects Japanese elections next month will result in aggressive monetary easing. USDJPY also rallied well above 80.00 – reaching levels last seen in April. There are several important economic events today, such as the US CPI, initial jobless claims and – more importantly – Bernanke’s speech.
Resistance at 1.2775/00 is still intact after recent test, when a reversal candle was formed
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to hold short while 1.2775/00 is intact, target at 1.2600
EURUSD hourly 11-15-2012