The EURUSD is at an interesting point. If we zoom out to the monthly and look at the overall trend we can price has been in this downward channel since 2008. However, more interestingly we can see the black ascending trend line which has been testted twice. Once in 2000 and once in 2001. Both times price has failed to break it.
Both these lines cross at around 1.06000.
We can also see price has been in free fall since testing the upper channel ceiling in May 2014.
With the fundamental outlook looking bleak for the Euro I still feel bearish on any Euro pair, however, these technicals cannot be overlooked. Until I see a siginificant break of the descending channel and the black ascending trend line I am going to remain out of EURUSD for the time being. We could technically see a bounce back towards 1.2000.