This is a critical area for EURUSD. If we can continue to trend on through here (Blue line) we might see this being a really strong trend for several 100 pips more. But we're also into the area where the trend is most likely to fail if we're still in a net downtrend and we have local butterfly pattern to give additional short entries.
If bulls can break here in EURUSD it could be a very impressive move to follow. It's possible the USD is due to turn soon and is just going to make one more false breakout before it does and it's also possible we're in a bigger overall USD trend and this was a big correction to it. In either event, unless we can break over the stop loss zone, this could be a really great spot to position short EURUSD again.
If bulls can break here in EURUSD it could be a very impressive move to follow. It's possible the USD is due to turn soon and is just going to make one more false breakout before it does and it's also possible we're in a bigger overall USD trend and this was a big correction to it. In either event, unless we can break over the stop loss zone, this could be a really great spot to position short EURUSD again.