Earlier this week we noted that the EURUSD pair had seen a break of the ascending trend line around 1.2925, which dated back to July last year, after previously breaking through the 1.3000 psychological level. Price is now trading around the prior weekly demand area which roughly spans between the 1.2750 – 1.2850 zone. The euro/dollar pair is also trading at the 2nd ascending trend line shown on our weekly chart – after breaking below the steeper trend line this week. This comes in the context of the EURUSD pair trading under the weekly timeframe engulfing candle, which has given us a bearish directional bias since ... (full story)