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EURUSD : Bearish Trend Persists, Short Term Gains May Come

EURUSD: 4 Hour Chart

EURUSD is giving a bullish signal on the 4 hour chart as it is trading within an ascending triangle. However there also seems a falling support trend line which have resisted the pair couple of times before also. EUR seems trading steady even after the report showed that the consumer price inflation in the euro zone edged up unexpectedly in August by .4%. The core CPI which excludes food and energy rose .9% in August meeting the economists forecast. The current trend is clearly showing that the investors are waiting for 2:00 PM EDT event.

EURUSD : Daily Chart

On the daily chart, the pair seems like trading within a falling channel which continues to give a bearish trend. It might continue to rise but will find resistance from the falling trend line of the channel from which it might decline. All the moving averages are also heading downward signaling the downtrend continuation.