Intraday EUR USD turns Bullish Over 1.4237

EUR USD took out a swing top at 1.4290 but failed to follow-through tothe upside in an attempt to test the June top at 1.4337.  Thesubsequent sell-off started before the equities opened and acceleratedto the downside once the stock market topped out and sold off.

Daily Analysis

EUR USD

EUR USD took out a swing top at 1.4290 but failed to follow-through to the upside in an attempt to test the June top at 1.4337.  The subsequent sell-off started before the equities opened and accelerated to the downside once the stock market topped out and sold off.

Currently the stock indices are retracing 50% or more of the day session range while the EUR USD rallies from the bottom at 1.4212.  A new intraday main top has been formed at 1.4237.  

A breakout over 1.4237 turns the intra-day main trend to up and could trigger a rally to 1.4255 to 1.4265.  A break down under 1.4212 is likely to lead to an acceleration to the down side.