The EUR/USD pair is still hanging around a down trendline that was established around 1.3700 during February.
This trendline can be considered broken today. However, the breakthrough is not that clear as the market is moving within a small range roughly between 1.3106 and 1.3050.
The pair has a neutral zone extending from 1.2880 to 1.3070, breakout off this area helps to resolve the case of accidental confusion experienced by the pair up and down since visiting support zone around 1.2800.
A breakthrough above 1.3106 can open the way directly towards 1.3150 then price zone 1.3200-1.3220 which stands as a prominent supply zone.
An intraday support level is located at 1.3050 which should hold price above.
The EUR/USD pair has prominent support level at 1.2950 where an ascending bottom was established on Friday last week.
As long as the pair remains consolidated above 1.3050, the expected scenario remains bullish. However, breakdown of this level will lead directly towards 1.2950.
It is important to be cautious regarding market reaction after the ECB meeting statement on Thursday and US NFP release on Friday.
