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EURUSD technical analysis - break out inminent

EURUSD Tech analysis by Simon Kazinsky on 11:17 June 15, 2016 EST

The Euro is still trapped in a short term descending trend which started two days after the poor Non Farm Payroll in the US.

But, as the chart shows, EURUSD is still above the supporting longer term trendline and as long as that holds my preferred strategy is to buy when the shorter term gives a sign of exhaustion, ie. by breaking the upper channel boundary.

Retail traders remain quite bearish on the pair which is good news for bulls.

The FOMC statement could provide on Wednesday afternoon the volatility the pair needs.

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