We've been watching this EURUSD breakout analysis for a couple days now and are highly interested. After analyzing the pair, we concluded that a retracement is probably sightly more likely than a continuation given the absolute extension of what was a pretty sizable move. We don't like to chase the pair so we are watching for a retracement and potentially entering long at that point. Of course, when markets re-open, that could change if we see a major continuation of the last three sessions.
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I see today's action as a retracement. It was a little deep for my taste. I say a decent amount of USD strength in the markets.
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Still hanging around that prior resistance but its starting to look like it might hold and maybe make a run higher in the next few sessions or into next week.
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Definitely bounced back up after that retest but is the upside limited? Not seeing much follow through.
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I'm all but invalidating a long approach here. A lot of uncertainty and its hanging around that level. I prefer large moves and well defined trends.
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Back watching this on the long side.
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Dead read, done with it.