5:14a GMT - Welcome to a new week PipHutters! Last week we saw a big drop in the EURUSD pair which, if you back out to the weekly/daily charts, is an extension of the break from the primary uptrend a few weeks ago.

Daily Outlook: We find ourselves in another bearish consolidation pattern after prices declined and then bounced off of 1.4030 support. I am still very bearish on the pair and will look for rallies to sell on. Currently there are two main resistance levels I am watching - 1.4200 and 1.4255.

Trading Idea: Looking for rallies to sell on, especially at resistance levels of 1.4200 and 1.4255. From 1.4255 preferred short targets are 1.4225, 1.4200, 1.4165, 1.4135 and 1.4100.

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