Good day forex traders.
Welcome to a quick update on the EUR/USD currency pair. We recently noted the bullish nature of the currency pair but as mentioned we must be cautious of the upper resistance of 1.34. An observation of past records show that this region often had an impact on price action.
Looking at the 4 hourly chart of the EUR/USD above, we note an increasing bearish pressure on the currency pair. If the EUR/USD breaks down, immediate target will be probably the 1.3240 region.
The economic releases for the day had been mixed so far thus having not much overall impact on the currency pair. Pay attention towards the midweek though as we have a number of important US economic data. If the recent fundamental driver of price action continues, we may see an increase of the USD for positive US developments. Only time will tell!