EUR/USD is retesting key zone of support at 1.13405 level on both daily and 4hourly time frames . For this currency pair this is happening for the 3rd time. This will determine the next market direction and we will be expecting price action happening soon.
In this market we can see an uptrend and this thread is likely to continue, because the market is breaking through the range. This market is also heading towards the next Fibonacci extension at 1.272 , We would expect some retest at some point, however market has strong bodies of candles and we would be looking for small long opportunity before pull back.
Current economic climate and technical analysis goes hand in hand with current market condition. Market retested zone of resistance multiple times but did not break through, we will be seeing further downtrend and should be looking to short on 4hrly.
We can see that NSD broke through the long term trend line and is forming new higher high . On 4 hourly we can see conformation of the trend.
After retesting they key support zone market is likely to continue in an uptrend up to the next resistance level ,
We would be looking on longing the market.