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Not expecting much action as we’re seeing a typically quiet Monday, but if a surprise catalyst comes up, this simple technical setup on EUR/USD is one to watch for quick pips.

Intermarket Snapshot

Equity Markets Bond Yields Commodities & Crypto
DAX: 11139.74 -0.37%
FTSE: 7033.58 +0.19%
S&P500: 2702.17 -0.16%
DJIA: 24995.19 -0.27%
US 10-yr 2.724% +0.033
Bund 10-YR 0.177% +0.01
UK 10-YR: 1.271% +0.022
JPN 10-YR: -0.012% +0.014
Oil: 53.74 -2.75%
Gold: 1316.50 -0.42%
Bitcoin: 3405.55 -0.55%
Etherium: 106.08 -0.16%

Fresh Market Headlines & Economic data:

Upcoming Potential Catalysts on the Forex Calendar:

  • Australia AIG Services PMI at 9:30 pm GMT
  • New Zealand ANZ Commodity Prices at 12:00 am GMT (Feb 5.)
  • Australia Trade Balance at 12:30 am GMT (Feb 5.)
  • Australia Retail Trade at 12:30 am GMT (Feb 5.)
  • Japan Composite & Services PMI at 12:30 am GMT (Feb 5.)

What to Watch: EUR/USD

EUR/USD 1-Hour Forex Chart
EUR/USD 1-Hour Forex Chart

With not too much action going on so far, and not much expected given the light economic calendar for the rest of the U.S. trading session, we’re checking out this retest of a minor area of interest on EUR/USD.

The 1.1450 area has been a battleground for the bulls and bears over the four or five trading sessions, and it looks like there’s downward pressure on it as we’re seeing lower highs after finding a top around the 1.1500 handle.

Weak European economic data came out during the morning London session, so there could still be a bearish lean today, making a break below this area one to watch for the session if we get some volatility catalyst from the U.S.

For EUR/USD bulls, a break above the falling highs will likely draw in buyers, or at least for some shorts to cover.  But again, it’s not a likely scenario unless a surprise catalyst, which is always a possibility every single day given the slew of geopolitical drivers in the U.S. like the U.S.-China trade negotiations or the political drama that seems to pop up often between the White House and Congress.