EUR/USD Struggling To Climb

After breaking out above a long-term downtrend resistance line and the key 1.3300 level in the beginning of the week, EUR/USD (a daily chart of which is shown) has since been consolidating indecisively in sideways price action. Although a technical breakout above the long-term downtrend line has arguably occurred, a significantly larger bullish move will be needed in order to label recent price action as a bonafide breakout with a potential trend change.

The key upside price region to watch for that would help confirm the bullish break resides in the 1.3750 region. A break of this price area would be a highly significant bullish indication from a longer-term perspective. Any breakout above this level should target further resistance levels to the upside. And as price makes its struggled attempt to climb, downside support resides around the dynamic level of the broken long-term downtrend line.

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