Hey Traders,

Crazy news driven day for the euro today. Euro is approaching key turning point that could determine longer term trend

Trend on the daily chart remains green and usggesting more upside as well as rising 50 ema. With declining 200 dma righ above.

Euro remains at the top of the bigger channel with 200dma today meeting with the top of the channel and is expected to act as key resistance, with break above likely indicating a start of new trend

It also looks like a potential inverse head and shoulders pattern setting up on the euro with target of yearly highs for the euro currency.

There is also a smaller channel without that bigger channel, otherwise known as weekly channel of ECB whipsaw:

Will be watching for clues at the boundaries of this channel along with 200dma.

Cheers

Vlad