FxWirePro: Euro outlook – make ahead or break down

Euro is testing a critical cross road against Dollar today, and minutes from ECB pending later around 11:30 GMT, today could easily turn out as make ahead or break down event for EUR/USD.

Technically speaking, Euro is currently trading at a critical point. As it can be seen from the figure it has moved above its downtrend line and trading above 1.13 mark. However bulls should be cautious since bears are quite strong around 1.132 area and Euro might keep facing resistance until it decisive clears 1.132-1.135 area.

However, once cleared, it could pave way for further high in Euro against Dollar, given rate hike bets have serious setback after last week's NFP report.

Trade idea -

• Buy Euro with stop around 1.109 and target around 1.155, however one should be cautious over 1.132 area given both ECB and FOMC minutes scheduled for today.