Attempting to bottom and make some headway to the upside, the EURUSD failed to clear the 1.2800 role reversal level which was the Oct. swing lows. For now, the pair is stuck between 1.2800 weekly highs and 1.2659 lows which was the pin bar rejection on Tuesday. So bears can look to sell any weak rallies up to 1.2800 while bulls can look for intraday price action triggers near 1.2659.
Although the pair has been holding the 1.0150 are since late July this year, the Aussie is starting to look like it's breaking down as the price action angles are weakening on the daily charts. This was the same pattern that occurred on the EURUSD before the big sell-off in April, with each successive angle getting weaker.
The pair did form a pin bar on Friday which may lend it some short term support, but if the pair breaks the medium term support 1.0150, we could see some strong unwinding down to the big figure at parity. Bears can watch for sell signals at 1.0450 while bulls can watch 1.0290 for intraday support.
Make sure to check out my recent article on covering an Intraday Price Action Setup on Oil.