With all the worries about Europe let's take a quick look into the EUR/USD currency pair with our top down analysis approach on plain candle charts.
As usual, we begin with the monthly perspective. With looking at this time-frame, we can see that the market found some balance after a one time framing lower behavior for several months. We can see a potential balance area forming here now. The previous month was an inside month and the current month seem to found some resistance at the possible bracket high. Will we see a move to the bracket low now? We'll see.
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Moving forward to the weekly perspective, we can identify two balance areas. Last week the market found support at the previous bracket high as well as at the current bracket low. Inside of the bracket the market is one time framing lower right now. We will observe how the current week will react to this supportive level.
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Now to the daily time-frame. A lot of nervosity is visible here in our opinion. Today we formed a balance area and the bracket low could serve as support now. We also marked some more potential support levels if the market would brake below the balance area low. Also, today's market has leaved us with a poor low, that could be a heads up to moving lower here. However, everything is possible here with the political situation in Europe.
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