EURUSD getting a bounce from session lows 1.3695 next resistance

Despite softer German CPI we have seen a brief correction in EURUSD fall from the 1.3772 a potential inverse head and shoulders is now forming with resistance coming in at 1.3695 we have some soft data in the form of bloomberg consumer confidence out at 2.45pm (GMT) but the main focus will be on Yellen testifying at 3pm (GMT).

EURUSD 1 hour chart

A break higher and there is not much clear resistance except the 100 exponential moving average coming in at 1.3710 but through there and we would be looking at 1.3772, I remain short EURUSD and will be looking to fade any rallies targeting a break of today’s lows in the longer term.