Depending on the time frame and zoom level of your charts, EURUSD has been in a mild down trend for the last two weeks or is basically flat.
60 minute EURUSD chart
Above is the 60 minute EURUSD chart, showing the down trend from 17th September when price failed to breach the recent high made on 14th September.
The red line is the 100 period simple moving average. The last few days show it flattening out, and even turning slightly upwards. Price is consolidating. Our blue bearish trend line may be respected but it's too early to tell at this stage. As always, we'll keep an eye on other currency pairs to see what their story is.
AUDUSD (not shown) has been plummeting recently, while GBPUSD (also not shown) has just this week started showing signs of bearish activity. USDCAD (not shown) is starting to look bullish. Since these currencies are usually correlated, we'll be looking for more signs of bearishness on EURUSD.
One cause for concern however is EURAUD, which has been heading north:
4 hour EURAUD chart
This has probably been due to AUD weakness, but for EURUSD to resume a bearish stance in line with AUDUSD and GBPUSD, we'd expect to see EURAUD at least stall. If it continues upwards, while AUDUSD continues down, either look for more EURUSD bullishness or hold off on EURUSD trades until the picture is clearer.
Update: Looking at the economic calendar for tonight reveals (yet) another ECB Press Conference, as well as employment data from the US. Often many currency pairs are totally flat when these events are pending, whereas the last few days we've seen some movement. This will be interesting.
