The speculative positions in the futures market are still net long the EURO.

Intraday Levels:

The pair is trading at 1.68080 as of writing, testing the EMA 50 support and BB Median Line.

On the upside 1.16900, 1.17200 and 1.17500 are the key levels. If the pair makes a clear breakout above 1.17500, it will test 1.18500 major resistance.

On the downside 1.16570, 1.16270 and 1.1600 are level to watch.

On the bigger picture.

EURO bulls think that EURUSD is consolidating for a bullish breakout. This is possible but the charts are telling us a different story.

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