Recently, EUR/USD has been chopping around since 29 Mar 2020 testing the bottom of the Weekly Downward Trend Channel.
So the pair remains neutral.
Price bounced returning to the Monthly S4 Pivot @ 1.08339, closing above and the retesting the M. Pivot.
What's the move?
If price action breaks the Monthly S4 Pivot @ 1.08339, a retest if Weekly Trend Channel around 1.07894 is likely.
If price action can break the Weekly Trend Channel and hold, a retest of the Minor Qtr. 1.07500 is likely. The Minor Qtr. was last tested 24 April 2020.
If price action holds above the Monthly S4 Pivot @ 1.08339, retesting the top of the range is likley.
Keep in mind that at the top of the rage is a MAJOR resistance zone.
There is a Major Qtr. and Monthly S3 Pivot in the zone. From Major Qtr. 1.1000 - S3 1.10229.
So the pair remains neutral.
Price bounced returning to the Monthly S4 Pivot @ 1.08339, closing above and the retesting the M. Pivot.
What's the move?
If price action breaks the Monthly S4 Pivot @ 1.08339, a retest if Weekly Trend Channel around 1.07894 is likely.
If price action can break the Weekly Trend Channel and hold, a retest of the Minor Qtr. 1.07500 is likely. The Minor Qtr. was last tested 24 April 2020.
If price action holds above the Monthly S4 Pivot @ 1.08339, retesting the top of the range is likley.
Keep in mind that at the top of the rage is a MAJOR resistance zone.
There is a Major Qtr. and Monthly S3 Pivot in the zone. From Major Qtr. 1.1000 - S3 1.10229.