EUR/USD technical analysis

With today's upcoming data through the European session being Euro focussed, I better take a look at the state of EUR/USD:

Higher time frame musings:

  • Trend line resistance back in play
  • If it goes through the trend line, you can still argue that it's within a range.
  • But that will also mean that the bottom resistance zone held and a new higher high would be printed. Bullish if that's the case.
  • The trend line resistance level is still resistance until it's not.

Intraday musings:

  • Retraced all of the Draghi drop
  • DXY weakness a huge factor
  • Trading advice would be to wait and see if it rejects off the daily trend line for a 3rd time, then shorting into retests of previous support turned resistance on the hourly.
  • Confirmation here is key as it's a 3rd retest.

Now we wait for the data.