EURUSD(4 hour)

As marked on the 4hr chart, yet again the sloping trendline  (A) and the 1.41 level (B) held the price below it not once but twice today .Tricky to actually trade off that though but on the 1hr chart we see some trade signals marked by a couple of candle stick patterns.

EURUSD(1 hour)

So looking at the 1hr chart there was a shooting star which spiked through the trendlines (A & B)and then came back , followed by a bearish engulfing which failed to get back up through the 1.41 price area (B). The shooting star would have been your signal to pay attention to the charts with its failure to break the trendlines.

So onto today. It may not be as simple as the last couple of days, you can see on the 1hr chart we also have a sloping uptrend in place and the price is forming a squeeze between them.So something has got to give .

Signal today is either:

A long if the trendline A is broken and the price fails to break back down up to 1.41. If we shoot to 1.41 then watch there for a break to the upside or bounce back down.

or a short from  a break of C and failure to break back above it down to the 1.40 area .

As usual use candle stick alerts and price action to place your trades.