There is not much new development for the EUR/USD since last week. It continues to coil in a sideways manner getting to the convergence point between declining and rising trendlines. The 4H RSI is stuck between 40 and 60 while the moving averages whip each other and price back and forth. These are all signs of a directionless market, but even if these converging trendlines are broken, we need to look for more clues before thinking direction. The support pivot to break for bearish outlook is the 1.2240 low of last week. This opens up the 1.2042 2012-low as well as possible bearish continuation into 1.20, 1.19... (full story)