Let's look at charts!
(Hourly EURUSD chart with 100 & 200 period moving averages)
The price is well below the 100 period moving average on hourly, 4 hour, and daily time frames.
(Daily EURUSD chart with Ichimoku Kinko Hyo)
Looking good here - price has jumped out of the cloud and is below the indicator lines as well.
(Hourly EURUSD chart)
Whoa there! We see some signs of stalling about the 1.29 price level, and after the big jump Monday which finally pushed price below the 1.30 barrier which has held for so long, we have another descending triangle, similar to the one which formed on the daily chart using 1.30 as support.
While several other currency pairs (not shown) may be showing signs of a pending reversal on higher time frames, USD has been gaining strength across many of them this last week. So EURUSD should continue pushing down, but we may see a retrace upwards first.
Also, the bearish trend line on the weekly chart is still intact, which is encouraging. We'll just keep an eye on price, and in particular wait for a retrace back to the 100 period moving average on at least the hourly chart before initiating some bearish trades, keeping in mind what other pairs are doing.
