Forex Flash: EUR/USD reversal offers interesting setup for bears - Saxo Bank

In view of John J Hardy, Head of FX Strategy at Saxo Bank, "there is a tactical reversal in EUR/USD back below yesterday’s 1.3050 area and have 1.3075 (was a swing area) as a tactical resistance for today, when we are faced with key US Retail Sales data. Lower, there’s the 1.3000 that is a constant false irritant and then the 1.2965/1.2950 support."

John adds: "We need to cut below there to get better confirmation, but today’s reversal does offer an interesting setup for bears that stays intact as long as we remain below 1.3075 tactically."