Despite better than expected German and Spanish unemployment results which came better than expected the EURUSD is sitting around 1.0915, very clueless about the direction. Because we have no trend but only a sideways movement on H4 timeframe, we need to watch for important levels, breakouts and zones.
On intraday time frames EURUSD is bullish if it stays above 1.0880 (H3, EMA89) with H4 being intraday resistance -1.0930. If the EURUSD breaks 1.0930 with 1h momentum or 4h close above we should see 1.0970-85 which accounts for the main swing breakout as the price will either be rejected from the zone or will make a breakout towards 1.1010 and 1.1060.
If the price drops below 1.0880 it should test 1.0860 Weekly CAM pivot and the momentum break (H1) or 4h close below will target 1.0830-10. The main breakout point to the downside is 1.0800 and if the level fails next support is 1.0780 and 1.0750 zone. I have marked it with a green line as it marks historical bullish order block and Adam/Adam pattern bullish breakout. Below 1.0750, 1.0710 is next support.
We cannot guess the trend because there is currently NO trend and we must watch the whole wood not just a tree.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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