The daily chart still looks moderately bullish whilst prices remain above the daily trendline and 100-day SMA which both come in around 1.4150. Unfortunately for the bulls, that level is almost 300 pips away and as we know in the EUR, one bad Greek-day and we could tumble back towards there very quickly.
The hourly chart is in recovery mode after a bearish phase although one of the short-term momentum indicators I follow is showing quite overbought conditions. It hasn’t turned bearish yet but there are some warning signs.
EUR/JPY has recovered back onto the 116 handle and EUR/CHF stalled ahead of 120 and has bounced hard, both bullish signs for EUR/USD.
In other words, plenty of mixed signals with an overall bullish bias. If you’re bearish, might I suggest waiting for rallies towards 1.4520 with fairly tight stops above 1.4565. If you’re bullish, might I also suggest that patience is needed and wait for some decent-sized dips before jumping on.