The EU seems to be consolidating and it has been hard for me to determine a clear direction on this pair for now. The positive fundamental news (PMI and German IFO business confidence survey) that came out last week really negated the technicals, giving me some trouble on my last trade and I got stopped out. I am paying close attention to the 1.3400 level since it is OO psychological level and because it corresponds with the 61.8% retracement depicted on the daily chart. Also, the upper trend line of the descending channel depicted on H4 chart is coming into play. After a break and retest of that line I will be looking long. If the EU breaks that trend line starting from the low at 1.2888 and retests I will look short. Just waiting to see how everything plays out.
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