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With the U.S. Dollar sitting above 76.00 there pullback on the EUR/USD seems that much more playable across multiple timeframes.
The daily chart shows the "V" reversal just shy of 1.5000. The reversal should not come as a surprise but with the support in the U.S. Dollar holding there is a definitely shift in the downtrend this month.
December brought the first shift in the market cycle since August…but before we all get ahead of ourselves…let’s not forget what happened in September and since.
The 240 minute chart is breaking up through the channel pattern in front of Tuesday’s FOMC statement on interest rates. This reflects the current weakness in the U.S. Dollar since making the 73.81 high.
The 30 minute chart shows the Autochartist prediction region (resistance) and the current support at 1.4700.
All charts used with permission from Autochartist chart pattern recognition software.