The EURUSD is slowly breaking above the 4 hour bearish trend line it has been respecting.
Support is being held by the midpoint psychological level 1.11500 and there are 4 hour highs at 1.11865 which should be breached to consider this a bullish trading opportunity.
I would look for the highs at 1.11865 to be broken and then would wait for a pullback which would test 1.11865 as support, or a fib retracement level within range.
If support at 1.11500 is broken, then I would wait for price to pullback and test it as resistance before considering a bearish position.
Below are the daily pivots with the previous highs highlighted which should be broken before considering a long position…
Below is the EURUSD 4H chart which shows that price has pulled back to the 38.2 retracement level of the rally up which is giving additional support to the midpoint psych level 1.11500
Upper weekly / monthly resistance to be considered, Monthly R1 is at 1.1227 and the Weekly Central is at 1.1222
News to be aware of today for the US Dollar is Final GDP q/q
This news event is marked as red on Forex Factory and comes out at 5:30 AM Pacific here in the United States.
US Dollar Analyst, FOREX.TODAY