I am always looking for breaks and pull backs to these areas from 1 minuet to weekly charts , The first chart is a 1 min chart ,as you can see from the charts above the quick moves catch traders on the wrong side of a trade and when price comes back to same price a reversal normally happens . Looking at the first weekly chart traders must have been looking at the trend line for a buy ,but when it broke there was a long fast drop , the time scale was from dec 2009,to april 2011, till the price got back too the same level, I posted a caption trend line break may act as resistance 4905, many traders were very bullish the euro at the time , It can be very hard to look at a chart and ignore the herd, but charts are the only thing I can read more or less.
I do not remember the news dec 2009 but do see the price dropped at that time. On the right hand side of the chart there is SUPPORT ? will this hold ? no guarantees, many traders are very bearish the eur at the moment . DO NOT TAKE THIS AS A TRADE It is only an observation ,I have only been trading 3 years and probably need 1 more or 2 or 3, Dave