EUR/USD- Near a major Resistance zone- Sell off could happen

The EUR/USD has touched its resistance zone on a 4 hour time frame. This resistance zone has a significant importance because, when the price was at this level previously, it fell very sharply. The volatility for the price is low, as the price is trading within the Bollinger band and it is also close enough to its 20 day moving average. The pair is trading well above both the upward trend lines which confirm that the uptrend is extremely strong and any pull back could be an opportunity to join this trend.

Earning fails to push European Markets and US Futures higher; German IFO, UK GDP and Durable Good for US are in focus

Another positive finish on Wall Street which pushed all the major indices in the positive territory yesterday, and as this was mostly fuelled by the raft of good earnings reports have failed to filter through to the European markets, which are trading lower. The US futures are also trading lower this morning despite a positive earnings release during aftermarket hours from Microsoft and Amazon.