The EURUSD continued its unclear direction yesterday , and it supposed to continue this way as long as it traps between 1.2465 levels - low of the week 26 Aug 2012 - and 1.2640 levels low of the week 13 May 2012 - , a weekly or daily closing at least below or above these levels is indeed to get out of consolidation !!!

Today I assume a bearish move as shown on the hourly chart posted below, we have inside bar rejection pattern but we need an hourly closing below 1.2580 for more confirmations, an hourly closing below 1.2580 would open up the way toward 1.2500 followed by 1.2465.....

Keep in mind this scenario is valid as long as the pair trades below 1.2625, a break above this level would invalid these expectation and the pair might target 1.2700 levels....

Recommendations : Selling the pair with an hourly closing below 1.25820 targeting 1.2510 & 1.2465 , stop loss 1.2630..

Best Regards

Haitham653