EURUSD closed above trend line resistance.

Today’s broad based USD weakness allowed for the EURUSD to break its 1.5 month consolidation higher. In doing so, the pair broke the 114.25 trend line that has held the downtrend since summer of 2021. Technicians will be watching the pair and how it closes the week. Above or below the 114.25 level will be key. A move higher could allow for a move back to the 1.1635 38% retracement of the 2021 range or the 117.00 level which was the support from March of 2021.

Blake Morrow