In this analysis I have turned to the 4 hour chart to get a closer in look at the details of price action over the last few days.
The 4 hour chart shows the EURUSD price having met support from the weekly downward sloping channel support line (black) and the monthly support line (blue). A confluence of two support lines is a formula for strong support. Notice price action has moved net sideways along support over the last 28 to 30 hours. This sideways movement is an indication price is not trending. Trying the trade during such sideways movement is a formula for losing money so I stand aside. I will now wait for a new trend to develop before continuing to trade this currency pair.
The 4 hour chart shows the EURUSD price having met support from the weekly downward sloping channel support line (black) and the monthly support line (blue). A confluence of two support lines is a formula for strong support. Notice price action has moved net sideways along support over the last 28 to 30 hours. This sideways movement is an indication price is not trending. Trying the trade during such sideways movement is a formula for losing money so I stand aside. I will now wait for a new trend to develop before continuing to trade this currency pair.