Forex analysis: EURUSD

Here is my Forex analysis for the EURUSD. First, we look at the Daily-Chart to get an overview. You will immediately see the trendline that I marked in the chart. In addition, an important resistance level is shown to underpin the psychological hurdle. We have been at this key level since the first election weekend in France. The buyers and sellers are struggling to find out whether the euro is gaining momentum again and the level can break up or continue the downtrend. We now look at the 4h-Chart to better understand the response at this key-level.

In the 4h-Chart it is good to see that the course has tested the trendline up, but could not keep the level and lost strength again. Here we also see that there is still a gap below, which has not been closed. This has been the result of the election weekend in France and, in most cases, such gaps are closed again. If the EURUSD falls after the weekend, we get a clear shoulder-head shoulder formation, which is often a trend reversal. We can be curious. My assessment: The EURUSD will close the gap and then break the trendline.