The E/U is back trying to tackle the 1.25 level. There is a 6 month bear trend line in this region too and so it won’t be easy going. The USD index is struggling though and any continued weakness there might just give the the E/U the ‘leg up’ it needs.
E/U 4hr: tackling the 1.25 level won’t be easy.
E/U daily: there is a 6 month bear trend line in its way as well:
E/U weekly: I had given traders a heads up about a potential bullish move on the E/U in my w/e analysis . I noted there how last week the E/U looked to have formed a bullish-reversal ‘Inverted Hammer’ style of candle.
USDX 4hr: any continued USD weakness would help the E/U but that is not a certain bet just yet. A breach of the recent support trend line would be bearish:
Summary: traders need to keep an eye on the USD index for any continued weakness as this would help to support the E/U. There is key interest rate data for the EUR towards the end of the week and then US NFP on Friday and so the E/U could chop around the 1.25 level until then.