[EUR] Support Line

EUR/USD 4-hour chart, source:forexfactory.com

Before the analysis of currency pair, I should acknowledge my hesitation about the trade.  In mid January, EUR/USD, one of the major currency didn't show the explicit trend.

I thought euro kept the upward trend and it would rise after the adjustment. It rose again after the short-term sidewalk. I had to enter the market but I didn't. And I just looked at the rising euro chart.

After the rising, the pair tries to make the pattern, double-tops pattern in four-hour chart. But it doesn't seem to turn its direction because the upward trendline since mid January is alive and isn't tested yet.

We need to watch whether price band of 1.2280 to 1.2300 does as a price support line. If it fails, currency pair may step down to 1.2030s.

In the weekly chart, euro keeps its upward trendline. Though there are events of adjustment, it will rise.


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