Our weekend EUR/USD update noted that the psychological 1.3000 level was viewed as the key near term technical focus heading into the new week. The subsequent price action has seen the EUR/USD push to a high of 1.3008 and then drop as low as 1.2914 after taking out stops above the 1.3000 handle. The euro/dollar is now trading around 0.36% lower on the day and consolidating just above the days ultimate low. A close around the current area would see a bearish engulfing candle printed on the daily chart; a bearish reversal pattern in this location would be a constructive technical development and weigh on the near term ... (full story)