Some other pairs I regularly watch (EURGBP, GBPUSD, AUDUSD, NZDUSD, not shown) also had a nice run down.
EURUSD managed to break through the 100 period moving average on the daily chart again, which in theory should become resistance for any attempts to move higher:
But price hasn't yet reached the cloud on the daily Ichimoku Kinko Hyo:
Also, we can see an inside bar has formed on this EURUSD weekly chart:
Trend-lines and channels make me nervous, because I'm never sure where they should go. However, by zooming out a little on this daily EURUSD chart, I could fit in a nice channel:
Despite the double-top on the 4 hour chart, the failure of price to reach the Ichimoku Kinko Hyo cloud, weekly inside bar, and this channel make me think EURUSD will continue up.
I'm not too sure what the other currency pairs are up to. USDJPY and USDCHF have been moving lately after some stagnation, but AUDUSD & NZDUSD (not shown) still look to be in a narrow range on the daily time frame. It would be nice to get some additional confirmation from other pairs of a EURUSD bullish move.
Chances are there's plenty of information I've over-looked.
Instead of worrying about it too much, however, I will just continue practicing my breakout system which doesn't require so much technical analysis, and instead just looks for break-outs after periods of consolidation.
Last week saw two successful break-out trades on the EURUSD time frame, giving $47.70 in profit using a lot size of 0.1.
Hopefully whichever way EURUSD moves, we'll have some more strong moves and not get whip-sawed again.
Looking at the 15 minute EURUSD chart, we can see a nice consolidation pattern here. We'll go ahead and place some BUY & SELL stop trades at the top and bottom of this box.
