Waiting game now

Price on the EUR/USD is sitting at an S&R level from last week while trying to break below a 4H trendline. The next few hours will probably give an indication as to where it's heading for tomorrow's session. I'll definitely be watching it for the rest of today and maybe loading a new position up for tomorrow.

Rejection at this support level puts the possibility of new highs in place. Although I'm not sure how that will play out as the USDX is nearing a bottom and the risk-on attitude seems to be abating (US markets are down today, at least last time I checked).

Obviously, last week's session had the price stalled in this area for days leading up to the 27th when the EU leaders finally agreed on their plans to contain the debt crisis, after which we see an enormous rally in price. This level is definitely key to both sides of the field. If we end up making a move up, I'm not so confident it will be as violent as last week's move unless we get news that some EU leader found a few trillion missing euros under his mattress and he's singlehandedly paying off their electricity and water bills and whatnot.