The Russia-Ukraine situation has initiated growing concerns over the eurozone's safety and economy. Recently EURUSD broke out of the long-term downtrend, which it resided in for over a year now due to the political stance of these countries. A new support level has formed on the [1.000] level, which the euro also broke trough; it is now a considerably stable support line. Yesterday, EURUSD reflected off the [1.036] resistance that was pretty impactful during May and July. There is another support that was of major importance in wedging EURUSD out of the long-term downtrend. It remains a support and reinforces against the short-term fall EURUSD may partake in.
Currently, traders should wait for either of the following:
(A) EURUSD to either overthrow the [1.036] resistance and wait for a confirmation that [1.036] is a support and buy with a goal of reaching the [1.055] resistance.
(B) EURUSD to be blocked by the [1.036] resistance and wait until it bounces off of the [1.000] or upward support around the [1.000+] area also. Traders should wait for a breakthrough at the [1.036] resistance and confirmation that [1.036] is a support and buy with a goal of reaching the [1.055] resistance. Otherwise, EURUSD will wedge, and only minor trades should be conducted until further available data that can determine the outcome of this wedge.
Please boost this idea if you find it interesting, and follow me for more trading advice. Please share what you think of my analysis.
DISCLAIMER: I am not a professional, this is learning material and not trading advice.